金吾财讯 | 浦银国际发研报指，抗体偶联药物(Antibody-drug conjugate, ADC)是近年来肿瘤药物研发中的热门领域。根据Frost&Sullivan预测，全球ADC市场规模有望从2022年的79亿美元快速增长至2030年达到647亿美元(对应30%CAGR)，中国ADC市场有望从2022年的8亿元增长至2030年的662亿元(对应73%CAGR)。该行续指，中国已成为全球ADC研发的核心参与者，国产ADC新药约占全球管线的40%，持续多笔ADC授权交易，凸显海外合作方对国内ADC产品的认可。
该行认为下列三种类型玩家有望在ADC浪潮中成为行业引领者并持续受益：
1)具备强大ADC技术平台，已在ADC技术研发积累多年丰富经验，且已开发多款差异化ADC药物的ADC龙头Biotech，例如科伦博泰；2)具备强大研发实力及独特的ADC技术平台，已积累多款差异化ADC临床药物，具备强大商业化能力的创新大药企，例如恒瑞医药；3)具备全面丰富的技术能力、全球领先的ADC外包服务公司，例如药明合联。
首次覆盖科伦博泰生物(06990)、恒瑞医药(600276)、药明合联(02268)，均给予“买入”评级，目标价分别为230港元、人民币61元、35港元。
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