金吾财讯 | 康方生物(09926)震荡走低，早盘一度跌超10%，截至发稿，最新报124.60港元，下跌8.39%，成交额4.58亿港元。消息面上，华福证券研究指，预计公司2026-2028年营业收入分别为51.10、75.66、122.36亿元(前值2026-2027年分别为57.65、93.72亿元)，主要系放缓核心双抗的爬坡节奏及下调非核心管线销售峰值。归母净利润分别为-2.44、7.33、26.80亿元(前值2026-2027年分别为8.03、29.66亿元)，主要系下调销售收入及上调研发、销售费用率。根据DCF估值，按WACC为8.48%，永续增长率为2%，测算合理股价为206港元，维持“买入”评级。
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