【券商聚焦】交银国际:中国内地mRNA疫苗产业整体低估严重

金吾财讯
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金吾财讯 | 交银国际表示,Moderna默沙东共同宣布,intismeran联合K药辅助治疗IIB-IV期黑色素瘤的III期INTerpath-001研究达主要终点(头对头战胜K药单药)。本研究在主要终点RFS和关键次要终点DMFS上,均达到有统计学和临床意义的优效,具体数据将在后续学术会议上公布。Moderna与默沙东正针对黑色素瘤、NSCLC、膀胱癌、肾细胞癌等适应症,开展9项intismeran + K药联用方案的II期或III期研究,以及多项I期研究。该机构认为,中国内地mRNA疫苗企业正处于全球公共卫生事件后的低谷期,产业整体低估严重,但海外可比产品的研发成功和适应症领域的拓展有望推动投资情绪和估值修复。在该机构覆盖的公司中,该机构建议重点关注:1)布局mRNA技术平台和个性化肿瘤疗法的创新药企,包括云顶新耀(01952/买入;基于mRNA的肿瘤疫苗平台,候选药物包括处于中美I期的肿瘤相关抗原疫苗和处于IIT的个性化肿瘤疫苗)和石药集团(01093/买入;已临床+商业验证的mRNA疫苗平台,产出首款国产mRNA 新冠疫苗,mRNA治疗性疫苗处于早期临床研发中)等;2)mRNA领域上游服务商,包括金斯瑞生物(01548/买入;提供IVT mRNA合成服务、GMP质粒制备以及LNPb包封等一站式解决方案)等CXO企业。此外,康希诺(02162/买入)、智飞生物/沃森生物/康华生物(300122 CH/300142 CH/300841 CH/未评级)等布局mRNA技术、处于估值底部的疫苗企业也值得持续关注。

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