【券商聚焦】西南证券：英硅智能(03696)核心管线III期临床启动若成功上市有望成颠覆性疗法

金吾财讯

Jun 18

金吾财讯 | 西南证券发布研报指，英硅智能(03696)于2026年6月13日召开核心管线Rentosertib（ISM001-055）用于治疗特发性肺纤维化（IPF）的III期临床试验研究者会议。

Rentosertib是全球首款完全由生成式AI发现并完成IIa期临床的候选药物。研报核心投资逻辑在于，Rentosertib的IIa期临床数据显示出逆转病程的潜在疗效趋势：最高剂量组（每日一次60mg）患者的用力肺活量（FVC）较基线平均提高98.4毫升，而安慰剂组下降20.3毫升，差值达118.7毫升。当前已获批IPF药物（吡非尼酮、尼达尼布、那米司特）仅能延缓FVC下降，且存在显著不良反应。即将开展的III期临床试验计划招募320名IPF患者，评估每日一次用药持续52周的有效性和安全性，由徐作军教授担任Leading PI，钟南山院士和陈昶院长担任Co-Leading PI。若成功上市，有望成为颠覆性疗法。

财务与业务方面，公司2025年药物发现及管线开发业务收入承压，主要系BD节奏导致收入确认延迟，2026年至今已实现1亿+美元首付款收入。软件解决方案业务2025年收入491万美元，同比增23.75%，已与全球前20大药企中的13家建立合作关系。研报预测2026-2028年收入分别为160、218、284百万美元，归母净利润分别为-7、17、32百万美元。

主要风险包括创新药研发和商业化不及预期、竞争加剧、行业政策变化。

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