信达生物：上半年利润超预期，经营杠杆持续释放；目标 2030 年收入达到 350–400 亿元；评级“买入”
26 August 2026 | 1:10AM HKT Equity Research Innovent Biologics (1801.HK): Earnings Review: 1H profit beat with operating leverage; Target Rmb35-40bn by 2030; Buy Profit beat driven by opex leverage, despite R&D step-up: 1H26 net profit of Rmb1.25bn (+50% y/y, 14.5% net margin) came higher than expected (GSe Rmb815mn, or Visible Alpha Consensus Data Rmb749mn), despite lower booked license income (Rmb310mn vs. GSe Rmb525mn) while the expected booking of US$200-300mn license income for the FY26 remained unchan ...