金吾财讯 | 中信建投研报指，康方生物(09926)AK112已经在NSCLC开展3项全球3期临床，本次summit与辉瑞合作将更注重在肺癌领域之外的适应症探索。与辉瑞一系列ADCs药物的联合方案开发，将有助于更快速、更深入和充分地挖掘依沃西作为新一代肿瘤免疫治疗双抗新药在包括中国在内的全球市场的临床价值和商业价值，建立依沃西在肿瘤治疗领域持续的迭代优势。该行指，后续可以关注：（1）AK104持续放量，宫颈癌1L获批；（2）AK112海外2L NSCLC数据读出；（3）AK112国内一线肺癌获批；（4）AK112海外新III期临床启动；（5）其他相关数据读出等。 该行预计公司2024、2025、2026年营业收入分别为26.55、41.02、62.07亿元，对应增速为-41.33%、54.49%、51.32%；归母净利润分别为-4.25、1.73、8.78亿元，对应增速分别为-120.95%、140.81%、406.22%。公司多款在研产品及适应症即将获批上市，同时现有研发管线不断扩充丰富，早研管线储备丰富，具备长期可持续发展能力。产品销售方面，依达方?获批上市为公司产品销售贡献增量，开坦尼增长稳定，公司产品销售收入逐年提高。考虑到公司创新药产品疗效优秀、市场空间广阔，给予“买入”评级。
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