金吾财讯 | 交银国际发研指，2024年康诺亚(02162)收入4.28亿元人民币（单位下同），同比增长21%。其中，合作收入3.92亿元，主要来自CM512、CM536和CM336对外许可收入，以及CMG901合作的后续收入；康悦达（司普奇拜单抗）上市后初始销售收入0.36亿元。全年净亏损5.15亿元，比去年的3.59亿元有所扩大，主要由于管线推进、业务扩张导致研发和销售费用增长。该行预计康悦达2025年及长期销售增长驱动因素如下：1）已获批三项适应症，青少年AD、结节性痒疹适应症预计1H25递交上市申请，皮肤科和鼻科应用将扩；2）搭建约300人商业化团队，覆盖超1100家医院、220余个城市，多家头部医院完成准入；3）凭更优疗效数据有望在竞品降价下取胜。该行下调2025-26年收入预测以反映更谨慎的合作收入预期，同时下调康悦达峰值销售10%至44亿元以反映竞争格局变化，最终下调目标价至57港元，公司当前股价仍被显著低估，早期管线BD出海前景依旧可观，维持买入。
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