金吾财讯 | 浦银国际发研指，再鼎医药(09688)具有全球权益的ZL-1310于2L+ES-SCLC适应症的初期疗效安全性数据优秀，显著提振了投资者对公司研发管线的信心与认可。管理层认为ZL-1310单药具有不错的机会申请2L+ES-SCLC加速上市审评通道，公司计划在明年获得剂量优化/拓展数据后，与FDA沟通交流审批路径。该行指出，ES-SCLC存在巨大未被满足需求，空间广阔。ES-SCLC一线疗法为含铂化疗（依托泊苷和卡铂/顺铂）+PD-(L)1抑制剂，二线疗法为含铂化疗或者其他化疗（芦比替定、拓扑替康），三线疗法的选择仅Tarlatamab，而Tarlatamab给药方式较为繁琐（首两次给药需住院22-24小时）且副反应较多。因此，该行认为，若ZL-1310后续推进顺利，有望成为2L+ES-SCLC的新疗法，且其良好的安全性有望推动其更快进入1L联合疗法。该行表示，公司全球权益创新药物管线进展顺利并且取得亮眼数据，将显著提升投资者对于公司研发管线的信心和认可，提振市场情绪。由于目前ZL-1310尚处于早期，该行目前尚未将其纳入估值模型当中。重申“买入”评级和目标价（60美元/47港元）。
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