金吾财讯 | 交银国际研报指，德琪医药(06996)2025年收入同比+15%至1.05亿元（人民币，下同），亏损收窄至2.39亿元。全年SG&A和研发费用同比分别-13%/-35%。展望2026年，与优时比（UCB）达成的ATG-201交易有望贡献8,000万美元近期付款，公司预计将显著增厚业绩并实现盈亏平衡，研发投入将有所回升。展望2026年，与优时比（UCB）达成的ATG-201交易有望贡献8,000万美元近期付款，公司预计将显著增厚业绩并实现盈亏平衡；而随着核心临床项目的推进、多项临床前TCE项目陆续进入IND阶段，研发投入将有所回升。综合考虑2025全年业绩和ATG-201交易对未来业绩的增厚作用，该机构上调公司2026-27年收入及盈利预测，上调DCF目标价至10港元（原8.8港元）。随着中后期资产逐步进入注册性临床、TCE技术优势不断通过早期数据验证，该机构认为未来2-3年内，公司将进入+稀缺平台价值兑现的关键发展阶段，估值潜在空间巨大，而2Q-4Q26丰富的临床数据和潜在BD交易机会有望成为催化股价的核心动力。维持买入。
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