首次覆盖科伦博泰生物(06990)、恒瑞医药(600276)、药明合联(02268)，均给予“买入”评级，目标价分别为230港元、人民币61元、35港元。Jinwu Financial News | SPDB International Development Report says antibody-drug conjugate (ADC) is a popular field in oncology drug development in recent years. According to Frost & Sullivan's forecast, the global ADC market is expected to grow rapidly from 7.9 billion US dollars in 2022 to 64.7 billion US dollars (corresponding to 30% CAGR) in 2030, and the Chinese ADC market is expected to grow from 0.8 billion yuan in 2022 to 66.2 billion yuan (corresponding to 73% CAGR) in 2030. According to the bank, China has become a core participant in global ADC research and development. New domestic ADC drugs account for about 40% of the global pipeline, and multiple ADC authorization transactions have continued, highlighting the recognition of domestic ADC products by overseas partners.
The bank believes that the following three types of players are expected to become industry leaders and continue to benefit from the ADC wave:
1) Biotech, an ADC leader that has a strong ADC technology platform, has accumulated many years of rich experience in ADC technology research and development, and has developed a variety of differentiated ADC drugs, such as Kolumbotai;
2) Innovative pharmaceutical companies with strong R&D capabilities and unique ADC technology platforms, have accumulated a variety of differentiated ADC clinical drugs, and have strong commercialization capabilities, such as Hengrui Pharmaceutical;
3) The world's leading ADC outsourcing service company with comprehensive and rich technical capabilities, such as Pharmaceutical Federation.
For the first time, it covered Colunbotai Biotech (06990), Hengrui Pharmaceuticals (600276), and Pharmaceutical Syndicate (02268), all of which were given a “buy” rating. The target prices were HK$230, RMB 61, and HK$35, respectively.
