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東海吉龍
2021-05-10

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Sino-Thai International: Biden's proposal on vaccine patents has limited short-term impact

拜登转向支持WTO对放弃新冠疫苗知识产权保护的倡议，我们认为短期影响有限美国总统拜登日前提出将支持世界贸易组织(WTO)的要求疫苗企业放弃新冠疫苗专利的提案，导致全球疫苗企业股价波动。根据多家权威媒

Sino-Thai International: Biden's proposal on vaccine patents has limited short-term impact

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":190552224,"tweetId":"190552224","gmtCreate":1620637306668,"gmtModify":1704345913235,"author":{"id":3536928846214760,"idStr":"3536928846214760","authorId":3536928846214760,"authorIdStr":"3536928846214760","name":"東海吉龍","avatar":"https://static.tigerbbs.com/0ef8466588cf515f97a20c636e2be8a0","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>666</body></html>","htmlText":"<html><head></head><body>666</body></html>","text":"666","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/190552224","repostId":2134638173,"repostType":4,"repost":{"id":"2134638173","kind":"highlight","pubTimestamp":1620634320,"share":"https://ttm.financial/m/news/2134638173?lang=en_US&edition=fundamental","pubTime":"2021-05-10 16:12","market":"hk","language":"zh","title":"Sino-Thai International: Biden's proposal on vaccine patents has limited short-term impact","url":"https://stock-news.laohu8.com/highlight/detail?id=2134638173","media":"中泰金融国际","summary":"拜登转向支持WTO对放弃新冠疫苗知识产权保护的倡议，我们认为短期影响有限\n美国总统拜登日前提出将支持世界贸易组织(WTO)的要求疫苗企业放弃新冠疫苗专利的提案，导致全球疫苗企业股价波动。根据多家权威媒","content":"Biden turns to support WTO initiative to waive COVID-19 vaccine's intellectual property protection, and we see limited short-term impactUS President Joe Biden recently proposed to support the World Trade Organization's (WTO) proposal to require vaccine companies to give up COVID-19 vaccine patents, causing the stock prices of global vaccine companies to fluctuate. According to a number of authoritative media reports, at present, 100 WTO member countries have supported the proposal. U.S. Trade Representative Dai Qi said that the U.S. will actively support the text negotiations held by the WTO to achieve the above goals, but the negotiations will take time.At present, Germany and Switzerland have expressed their opposition. Considering that if approved, it will affect the revenue of the leading pharmaceutical group and affect the enthusiasm for vaccine research and development, we expect that the negotiation will take time. We believe that if the proposal is finally approved, it will affect the performance of some original vaccine research companies in the long run. However, due to the high technical barriers in COVID-19 vaccine, and the need for long clinical trials before drugs and vaccines go on the market, and the limited number of manufacturers that meet the requirements, it is not possible to copy them immediately after obtaining a patent. Therefore, we believe that even if the proposal is passed, the impact on vaccine companies will be limited in the short term.In terms of domestic vaccines, WHO is currently evaluating the inactivated vaccines produced by Sinopharm Beijing Biotech and Kexing Zhongwei. According to the current public data, the clinical data of these two vaccines are not sufficient due to the lack of cases in the elderly over 60 years old and patients with basic diseases (such as hypertension, diabetes, obesity, etc.), but they show good effectiveness for young and middle-aged people aged 18-59. We will pay attention to the evaluation results of WHO in the near future.In addition, regarding<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>The management stated that it is currently at the end of the Phase II clinical trial, and the marketing application can be submitted after the completion of the Phase II clinical trial. As the product has been approved by the WHO and is widely used in Hong Kong, we do not expect the approval in China to take much time.According to the earlier agreement,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>In 2021, at least 100 million doses of Fubitai vaccine will be purchased from Biontech. Fosun Pharma will have the right to jointly develop and commercialize Fubitai vaccine in mainland China, Hong Kong and Macau. We have not yet obtained information from the Chinese government on the purchase price and purchase model of Fubitai vaccine, but if we refer to the purchase price of US $19.5/dose (about 126 yuan) from the US government, based on the purchase volume of 100 million doses, Fosun Pharma will earn more than 10 billion yuan in revenue. According to the earlier agreement, according to different procurement models, Fosun Pharma will receive 60% or 65% of Fubitai's gross sales profit in China, Hong Kong and Macau. Therefore, if calculated according to the gross profit margin of more than 80% of the usual vaccine listed companies, If the vaccine approval and sales are smooth, Fosun Pharma will earn considerable income.According to the data of the National Centers for Disease Control and Prevention (CDC), Fubitai is as effective as 95% in preventing COVID-19, and 94% in the elderly over 65 years old. Based on good clinical data, we are optimistic about the demand prospects of Fubitai vaccine in mainland China. In the future, we will pay attention to specific information such as the approval status, purchase price and purchase model of this product in mainland China to calculate the specific profit contribution to the company.Continue to recommend high-quality innovative drugs and leading companies in the biotechnology sectorWe expect that if the Fubitai vaccine is approved in China,Fosun Pharma (02196)The benefits of this vaccine will gradually become clear. We estimate that since many details are not yet clear, the current market forecast for Fosun Pharma may not fully reflect the contribution of vaccines. We recommend paying attention to the progress of Fubitai's approval in the Mainland. In addition, judging from the pharmaceutical companies that have published their quarterly reports so far, most companies operated well in the first quarter. We still recommend innovative drugs and CXO sector leaders. In addition, we believe that if the epidemic situation in India, a major API producer, continues to worsen, it will continue to push up the price of APIs, and the domestic API industry leader<a href=\"https://laohu8.com/S/03933\">Federal Laboratories</a>(03933) will benefit.<a href=\"https://laohu8.com/S/01093\">CSPC Pharmaceutical</a>: Judging from the list of drugs involved in the fifth batch of mass purchases recently circulated on the Internet, the company's products are less affected. We expect the company to operate well in the first quarter, and the company's innovative anti-infective drug amphotericin B was just approved in early April. In the future, we will also submit the marketing application of lung cancer drug three EGFR-TKI inhibitor as soon as possible, and the demand prospect is expected to be good. The company will actively promote the listing on the Science and Technology Innovation Board. If approved, it will consolidate the company's financial strength and maintain a \"buy\" rating and a target price of HK $11.52.<a href=\"https://laohu8.com/S/WX\">WuXi AppTec</a>: The company's revenue in the first quarter increased by 55.3% year-on-year to 4.95 billion yuan, shareholders' net profit increased by 394.9% year-on-year to approximately 1.5 billion yuan, and the adjusted Non-IFRS net profit, which reflects the company's core net profit, increased by 63.6% year-on-year to approximately 940 million yuan. Yuan, the Chinese business led the continued rapid growth of performance. As the company's \"long tail strategy\" is very successful, the number of customers continues to grow, and the number of small molecule drug R&D and outsourcing services (CDMO) projects is increasing rapidly. With the resumption of the epidemic, clinical trials and other CRO businesses are also recovering. The relief of the epidemic will also gradually recover. We expect 2020-23E revenue CAGR of 31.0% and adjusted Non-IFRS net income CAGR of 30.1%, with an \"overweight\" rating and a target price of HK $206.2.<a href=\"https://laohu8.com/S/01801\">Innovent Bio</a>: The company's main product, Daboshu, performed well in sales in the first quarter. Since the product was approved for the treatment of first-line non-squamous non-small cell lung cancer in February, the current marketing application for the treatment of first-line hepatocellular carcinoma and EGFR-positive lung cancer resistant to TKI formulations has also been accepted by the State Food and Drug Administration. We expect sales will maintain rapid growth, with a CAGR of 24.0% from 2020 to 23E. In addition to Daboshu, the company's oncology drugs Dabotong (bevacizumab), Dabohua (rituximab) and Sulixin are all new products that have just been approved for marketing in 2020 and are in a period of heavy sales volume. We expect the revenue of the pharmaceutical sales business to increase to RMB 6.12 billion from approximately RMB 2.37 billion in 2020, at a CAGR of 37.2% in 2020-23E. We reiterate our \"buy\" rating at HK $102.1 target price.Federal Laboratories: The company is the leader in the domestic intermediate and API industry. In recent years, insulin has led the company to transform into a specialty drug manufacturer. According to our understanding, the sales revenue of insulin glargine, the company's main third-generation insulin product, will maintain rapid growth in the first quarter of 2021, and it is expected that the blockbuster new drug insulin aspart may be approved within the year. It is expected that if approved, it will become a stock price catalyst. If the epidemic in India continues, it will also push up the price of APIs. We reiterate our \"buy\" rating and target price of HK $8.Risk warning：1) The Chinese government's approval progress of Fubitai vaccine is slower than expected or the purchase price is lower than expected;2) The impact of policy regulations such as volume procurement in the pharmaceutical industry is greater than expected;3) The R&D and sales progress of innovative drug companies is slower than expected.","source":"lsy1597304098211","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sino-Thai International: Biden's proposal on vaccine patents has limited short-term impact</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSino-Thai International: Biden's proposal on vaccine patents has limited short-term impact\n</h2>\n<h4 class=\"meta\">\n\n中泰金融国际2021-05-10 16:12\n\n</h4>\n</header>\n<article>\nBiden turns to support WTO initiative to waive COVID-19 vaccine's intellectual property protection, and we see limited short-term impactUS President Joe Biden recently proposed to support the World Trade Organization's (WTO) proposal to require vaccine companies to give up COVID-19 vaccine patents, causing the stock prices of global vaccine companies to fluctuate. According to a number of authoritative media reports, at present, 100 WTO member countries have supported the proposal. U.S. Trade Representative Dai Qi said that the U.S. will actively support the text negotiations held by the WTO to achieve the above goals, but the negotiations will take time.At present, Germany and Switzerland have expressed their opposition. Considering that if approved, it will affect the revenue of the leading pharmaceutical group and affect the enthusiasm for vaccine research and development, we expect that the negotiation will take time. We believe that if the proposal is finally approved, it will affect the performance of some original vaccine research companies in the long run. However, due to the high technical barriers in COVID-19 vaccine, and the need for long clinical trials before drugs and vaccines go on the market, and the limited number of manufacturers that meet the requirements, it is not possible to copy them immediately after obtaining a patent. Therefore, we believe that even if the proposal is passed, the impact on vaccine companies will be limited in the short term.In terms of domestic vaccines, WHO is currently evaluating the inactivated vaccines produced by Sinopharm Beijing Biotech and Kexing Zhongwei. According to the current public data, the clinical data of these two vaccines are not sufficient due to the lack of cases in the elderly over 60 years old and patients with basic diseases (such as hypertension, diabetes, obesity, etc.), but they show good effectiveness for young and middle-aged people aged 18-59. We will pay attention to the evaluation results of WHO in the near future.In addition, regarding<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>The management stated that it is currently at the end of the Phase II clinical trial, and the marketing application can be submitted after the completion of the Phase II clinical trial. As the product has been approved by the WHO and is widely used in Hong Kong, we do not expect the approval in China to take much time.According to the earlier agreement,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>In 2021, at least 100 million doses of Fubitai vaccine will be purchased from Biontech. Fosun Pharma will have the right to jointly develop and commercialize Fubitai vaccine in mainland China, Hong Kong and Macau. We have not yet obtained information from the Chinese government on the purchase price and purchase model of Fubitai vaccine, but if we refer to the purchase price of US $19.5/dose (about 126 yuan) from the US government, based on the purchase volume of 100 million doses, Fosun Pharma will earn more than 10 billion yuan in revenue. According to the earlier agreement, according to different procurement models, Fosun Pharma will receive 60% or 65% of Fubitai's gross sales profit in China, Hong Kong and Macau. Therefore, if calculated according to the gross profit margin of more than 80% of the usual vaccine listed companies, If the vaccine approval and sales are smooth, Fosun Pharma will earn considerable income.According to the data of the National Centers for Disease Control and Prevention (CDC), Fubitai is as effective as 95% in preventing COVID-19, and 94% in the elderly over 65 years old. Based on good clinical data, we are optimistic about the demand prospects of Fubitai vaccine in mainland China. In the future, we will pay attention to specific information such as the approval status, purchase price and purchase model of this product in mainland China to calculate the specific profit contribution to the company.Continue to recommend high-quality innovative drugs and leading companies in the biotechnology sectorWe expect that if the Fubitai vaccine is approved in China,Fosun Pharma (02196)The benefits of this vaccine will gradually become clear. We estimate that since many details are not yet clear, the current market forecast for Fosun Pharma may not fully reflect the contribution of vaccines. We recommend paying attention to the progress of Fubitai's approval in the Mainland. In addition, judging from the pharmaceutical companies that have published their quarterly reports so far, most companies operated well in the first quarter. We still recommend innovative drugs and CXO sector leaders. In addition, we believe that if the epidemic situation in India, a major API producer, continues to worsen, it will continue to push up the price of APIs, and the domestic API industry leader<a href=\"https://laohu8.com/S/03933\">Federal Laboratories</a>(03933) will benefit.<a href=\"https://laohu8.com/S/01093\">CSPC Pharmaceutical</a>: Judging from the list of drugs involved in the fifth batch of mass purchases recently circulated on the Internet, the company's products are less affected. We expect the company to operate well in the first quarter, and the company's innovative anti-infective drug amphotericin B was just approved in early April. In the future, we will also submit the marketing application of lung cancer drug three EGFR-TKI inhibitor as soon as possible, and the demand prospect is expected to be good. The company will actively promote the listing on the Science and Technology Innovation Board. If approved, it will consolidate the company's financial strength and maintain a \"buy\" rating and a target price of HK $11.52.<a href=\"https://laohu8.com/S/WX\">WuXi AppTec</a>: The company's revenue in the first quarter increased by 55.3% year-on-year to 4.95 billion yuan, shareholders' net profit increased by 394.9% year-on-year to approximately 1.5 billion yuan, and the adjusted Non-IFRS net profit, which reflects the company's core net profit, increased by 63.6% year-on-year to approximately 940 million yuan. Yuan, the Chinese business led the continued rapid growth of performance. As the company's \"long tail strategy\" is very successful, the number of customers continues to grow, and the number of small molecule drug R&D and outsourcing services (CDMO) projects is increasing rapidly. With the resumption of the epidemic, clinical trials and other CRO businesses are also recovering. The relief of the epidemic will also gradually recover. We expect 2020-23E revenue CAGR of 31.0% and adjusted Non-IFRS net income CAGR of 30.1%, with an \"overweight\" rating and a target price of HK $206.2.<a href=\"https://laohu8.com/S/01801\">Innovent Bio</a>: The company's main product, Daboshu, performed well in sales in the first quarter. Since the product was approved for the treatment of first-line non-squamous non-small cell lung cancer in February, the current marketing application for the treatment of first-line hepatocellular carcinoma and EGFR-positive lung cancer resistant to TKI formulations has also been accepted by the State Food and Drug Administration. We expect sales will maintain rapid growth, with a CAGR of 24.0% from 2020 to 23E. In addition to Daboshu, the company's oncology drugs Dabotong (bevacizumab), Dabohua (rituximab) and Sulixin are all new products that have just been approved for marketing in 2020 and are in a period of heavy sales volume. We expect the revenue of the pharmaceutical sales business to increase to RMB 6.12 billion from approximately RMB 2.37 billion in 2020, at a CAGR of 37.2% in 2020-23E. We reiterate our \"buy\" rating at HK $102.1 target price.Federal Laboratories: The company is the leader in the domestic intermediate and API industry. In recent years, insulin has led the company to transform into a specialty drug manufacturer. According to our understanding, the sales revenue of insulin glargine, the company's main third-generation insulin product, will maintain rapid growth in the first quarter of 2021, and it is expected that the blockbuster new drug insulin aspart may be approved within the year. It is expected that if approved, it will become a stock price catalyst. If the epidemic in India continues, it will also push up the price of APIs. We reiterate our \"buy\" rating and target price of HK $8.Risk warning：1) The Chinese government's approval progress of Fubitai vaccine is slower than expected or the purchase price is lower than expected;2) The impact of policy regulations such as volume procurement in the pharmaceutical industry is greater than expected;3) The R&D and sales progress of innovative drug companies is slower than expected.\n<div class=\"bt-text\">\n\n\n source：<a href=\"http://www.zhitongcaijing.com/content/detail/470973.html\">中泰金融国际</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e559c5a8390713a5a8d4b07a2667368d","relate_stocks":{"02196":"复星医药","BNTX":"BioNTech SE"},"source_url":"http://www.zhitongcaijing.com/content/detail/470973.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2134638173","content_text":"拜登转向支持WTO对放弃新冠疫苗知识产权保护的倡议，我们认为短期影响有限\n美国总统拜登日前提出将支持世界贸易组织(WTO)的要求疫苗企业放弃新冠疫苗专利的提案，导致全球疫苗企业股价波动。根据多家权威媒体报道，目前已有100个WTO成员国支持该提案，美国贸易代表戴琪表示，美方将积极支持世贸组织举行的文本谈判以促成上述目标，但是谈判需 要时间。\n目前来看，德国与瑞士已表示反对。考虑到如果获批将影响龙头制药集团收入并影响 疫苗研发热情等原因，我们预计谈判需要时间。我们认为如果提议最终获批，长远将影响部分 疫苗原研企业的业绩，但是由于新冠疫苗技术壁垒很高，而且药品与疫苗上市前都需进行长时 间临床试验，符合要求的生产厂商也有限，因此并非获得专利就能马上仿制，因此我们认为就 算提案通过，短期内对疫苗企业的影响也有限。\n国产疫苗方面，世卫组织目前正在评估国药集团北京生物与科兴中维生产的灭活疫苗，从目前公开的数据看，这两种疫苗在60 岁以上老年人以及基础疾病患者(如高血压、糖尿病、肥胖等)方面由于缺少病例，临床数据还不充分，但是对于18-59 岁的中青年则表现出良好效力，我们近期将关注世卫组织的评估结果。\n另外，关于复星医药参与的复必泰疫苗在中国大陆的审批情况，管理层表示目前处于二期临床的尾声，二期临床完成后即可提交上市申请，由于产品已经在世卫组织获批而且于香港广为 使用，我们预计中国审批不会需要太多时间。\n按照早前协议,复星医药2021 年向Biontech采购至少1亿剂复必泰疫苗，复星医药将拥有复必泰疫苗在中国大陆、香港与澳门的共同开发及商业化权利。我们尚未获取中国政府关于复必泰疫苗的采购价及采购模式方面 的信息，但是如果参考美国政府19.5 美元/剂(约126 元人民币)的采购价，按照1亿剂采购量计算，复星医药将获得超100亿人民币的收入。按照早前的协议，按照不同的采购模式，复星医药将获得复必泰在中国、香港及澳门销售毛利的60%或65%，因此如果按照通常疫苗上市 企业80%以上的毛利率推算，如疫苗审批与销售情况顺利，复星医药将获得可观收入。\n根据美国国家疾控中心(CDC)资料，复必泰在防止新 冠方面的有效率高达95%，对于65 岁以上老人的有效率为94%。基于良好的临床数据，我们看好复必泰疫苗在中国大陆的需求前景，未来将关注这个产品在中国大陆的审批情况、采购价 及采购模式等具体信息以推算对公司具体的利润贡献。\n继续推荐优质创新药及生物科技板块龙头企业\n我们预计如复必泰疫苗在中国获批，复星医药(02196)在这个疫苗上的收益将逐步明朗化。我们估计由于许多细节尚未明朗，目前市场对于复星医药的预测未必完全反应疫苗的贡献，我们 建议关注复必泰在内地审批的进度。除此以外，从目前已公布一季报的医药企业看，大部分企业一季度经营情况良好，我们仍然推荐创新药与CXO 板块龙头。另外，我们认为如原料药生产大国印度疫情持续恶化，将继续推升原料药价格，国内原料药行业龙头联邦制药(03933)将受益。\n石药集团：从近期网络流传的第五批带量采购涉及药物名单看，公司产品受影响较 小。我们预计公司一季度经营情况良好，而且公司创新药抗感染药物两性霉素B于4月初刚刚获 批，未来也将尽快提交肺癌药物肺癌药物三EGFR-TKI 抑制剂的上市申请，预计需求前景良好。公司将积极推进科创板上市，如获批将夯实公司资金实力，维持“买入”评级与11.52 港元目标价。\n药明康德：公司一季度收入同比增长55.3%至49.5亿元人民币，股东净利润同比增 长394.9%至约15亿元，而反映公司核心净利润的经调整Non-IFRS 净利润则同比增长63.6% 至约9.4亿元，中国业务引领业绩持续快速增长。由于公司“长尾战略”非常成功客户数量不断 增长，小分子药品研发与外包服务(CDMO)项目数量快速增加，而随着疫情的恢复临床试验与其 他CRO 业务也在恢复，预计美国业务随着疫情舒缓也将逐步恢复。我们预计2020-23E收入CAGR 为31.0%,经调整Non-IFRS 净利润CAGR 为30.1%，给予“增持”评级和206.2 港元目标价。\n信达生物:公司主要产品达伯舒一季度销售表现良好。由于产品于2 月获批用于一线 非鳞状非小细胞肺癌治疗，目前用于一线肝细胞癌与TKI 制剂耐药的EGFR 阳性肺癌治疗的上市申 请也已经获得国家药监局受理，我们预计销售将维持快速增长，2020-23E CAGR 为24.0%。除达伯舒 以外，公司的肿瘤药达莜同(贝伐珠单抗)、达伯华(利妥昔单抗)与苏立信均为2020 年刚刚获批 上市的新产品，处于销售放量期。我们预计医药销售业务的收入将从2020年的约23.7亿人民币增加到61.2亿人民币，2020-23E CAGR为37.2%。我们重申“买入”评级102.1 港元目标价。\n联邦制药:公司是国内中间体与原料药行业龙头，近年来胰岛素引领公司转型成为专科 药生产商。根据我们的了解，公司三代胰岛素主力产品甘精胰岛素销售收入2021 年一季度维持快速 增长，而预计重磅新药门冬胰岛素可能于年内获批，预计如获批将成为股价催化剂，印度疫情如持续也将推升原料药价格，我们重申“买入”评级与8港元目标价。\n风险提示：\n1)中国政府对复必泰疫苗的审批进度慢于预期或采购价低于预期;\n2)药品行业带量采购等政策调控影响大于预期;\n3)创新药企业研发与销售进度慢于预期。","news_type":1,"symbols_score_info":{"BNTX":0.9,"02196":0.9}},"isVote":1,"tweetType":1,"viewCount":2727,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}