中银国际发表报告指，康方生物(09926.HK) 去年扣除分销成本后的商业销售额为20亿元人民币，按年增长24.9%，基本符合市场预期。净亏损为5.011亿元人民币，好于该行预期，表明康方生物的执行能力和成本控制工作。
今年值得关注的关键是年中的AK112在 1LPD-L1+非小细胞肺癌中的上市批准和在 HARMONi 海外数据公布。业绩公布后，我们下调了 2025-26 年收入预测，主要是因为AK104(纳入国家医保目录后降价)和 AK105(合作伙伴商业化战略变化)的销售贡献下降。
该行下调了核心产品降价后的毛利率，同时由于康方生物的成本控制努力而降低了营运费用。预计康方生物将在今年实现盈亏平衡。目标价上调至87港元，重申“买入”评级。(ha/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-31 16:25。)
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