金吾财讯 | 浙商证券发布研报，首次覆盖康诺亚-B(02162)。公司为深耕自免及肿瘤领域的创新药企业，在多个领域布局了高潜力管线。看好公司在自免领域领先优势和创新药商业化前景，以及ADC、双抗平台未来国际化发展潜力。
该行指，康诺亚管线主要覆盖自免及肿瘤两大领域，已经有12款处于不同研发阶段的关键候选药物，在国产同类别取得中国及/或美国IND批准的药物中，均处于前三位。其中，CM310为国产首款获批IL-4Rα抗体，多适应症领先潜力大市场潜力大，多个重磅适应症临床中后期，奠定持续放量基础。
该行预测，根据DCF估值模型，计算公司CM310合理估值预计91.61亿元及CMG901国内销售+海外授权及分成收入现值69.22亿元，合计估值预计为160.83亿元人民币，敏感性测试结果显示合理市值区间为151-172亿元人民币。对应0.9371（2024年12月18日港币兑人民币）汇率下换算得到市值161-183亿港币，对应目标价为57.69-65.55港币/股，首次覆盖并给予“买入”评级。
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