金吾财讯 | 中泰国际发研报指，荣昌生物(09995)拥有抗体偶联物（ADC）、融合蛋白与双抗三大技术平台，2021年上市的维迪西妥单抗（爱地希）为首款国产ADC，融合蛋白泰它西普（泰爱）为全球首款双靶点治疗系统性红斑狼疮的生物药，两款产品为国内肿瘤与自身免疫领域的明星产品。公司在肿瘤与眼科领域拥有六款在研药物，研发管线强大。该行指，公司首款国产ADC维迪西妥单抗销售收入将快速增加；泰它西普受益于系统性红斑狼疮治疗刚性需求，重症肌无力适应症前景较好；另外，在研产品RC28与RC88需求前景广阔。该行预计短期内维迪西妥单抗与泰它西普将引领收入快速增长，预计2023-26E收入CAGR达41.5%。公司2024年以来严格控制研发费及销售管理费用，未来将继续缩减费用，该行预计股东净亏损将逐年缩小，2027年有望扭亏。考虑到研发管线内的适应症与产品将逐渐上市，用DCF模型定价，按照1.3倍贝塔系数与7.1%的WACC定价，目标价21.80港元。首予“买入”评级。
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