CICC: Raises Keymed Biosciences-B (02162.HK) target price by 12.24% to HK$110, maintains "Outperform" rating.

Zhitong Finance APP has learned that CICC issued a research report stating that it maintains an "Outperform Industry" rating for Keymed Biosciences-B (02162.HK), incorporates the valuation of new products such as CDH17 into its market capitalization, and based on DCF valuation, raises the target price by 12.24% to HK$110, corresponding to 28% upside. Considering the strong sales performance of Kangyueda, the bank raises its 2026 and 2027 revenue forecasts by 8.8%/11.3% to RMB 1.270 billion/RMB 2.201 billion, while maintaining its profit forecasts for the same period unchanged, taking into account that the company may continue to increase R&D investment. In the first three quarters of 2026, the company achieved sales revenue of approximately RMB 660 million for Kangyueda (CM310, IL-4R monoclonal antibody), a year-on-year increase of 227%; of which third-quarter single-quarter revenue was approximately RMB 267 million, mainly benefiting from the release of end-market demand after medical insurance coverage and the rapid increase in hospital coverage, with sales performance exceeding the bank's expectations.