CMB International: First issued a "buy" rating for Connoah and a target price of HK$82. The market undervalues its long-term development potential.

CMB Securities issued a report, covering Canoya for the first time, giving it a "buy" rating with a target price of 82 Hong Kong dollars, stating that the current market undervalues Canoya's long-term development potential. The bank expects its annual revenue for 2025, 2026, and 2027 to be 610 million, 1.08 billion, and 1.97 billion yuan respectively. The report points out that Th2 immune diseases refer to diseases where the Th2 type immune cells are excessively active, leading to a series of allergic and inflammatory reactions, mainly including atopic dermatitis, nasal sinusitis with nasal polyps, and chronic obstructive pulmonary disease. The bank believes that the Chinese market is vast, with non-zero-sum competition, and CM310 is expected to reach sales of 7 billion yuan. Based on CD3 T cell engagers, there is increasing evidence that it can be used in blood tumors and autoimmune diseases, and Canoya has a leading research and development platform.