金吾财讯 | 海通证券发研报指，2025年歌礼制药(01672)减重&糖尿病领域有丰富的催化剂读出，该行看好旗下管线ASC30和ASC47的对全球竞争力，建议关注公司进展。目前公司减重&降糖领域临床阶段的管线包括口服和皮下注射剂型的小分子GLP1R激动剂ASC30，以及脂肪靶向的小分子THRβ注射剂ASC47。该行判断围绕多靶、口服、长效、增肌减脂等需求迭代的创新药是全球减重市场的热点方向，ASC30和ASC47在展现出早期优异安全性和有效性的情况下，在各自赛道均处于全球进度前列，因此该行看好两者的全球竞争力。该行预测公司2024-2026年营收收入分别为0.00、0.00、0.24亿元，EPS分别为-0.31、-0.31、-0.39元。利用DCF估值法，该行给予歌礼制药-B合理价格区间为6.76~8.44元，按照1港元=0.93元人民币换算，对应7.27~9.08港元，首次覆盖，给予“优于大市”评级。
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