|2024 03 04 2.26-3.1 2.26-3.1 1.72%13 300 1 2 3 2000 NASH ADC TCE 2-3 1 1 NASH 2 3&RSV AD&2 1 ADC 2 TCE 璟 3 4 CGT 3 1 2 4 5 1 2 3;1 CGM 2 3 4 1&-U-U 1 2 3 S0680519010001 S0680519010003 1 7000 2024-02-26 2 2024-02-18 3 2024-02-09-48%-32%-16%0%16%2023-03 2023-06 2023-10 2024-02 300 2024 03 04 P.2.4.6 2.1 BCI.6 2.2 Neuralink.8 2.3.12 2.4.12 2.4.1.12 2.4.2.13 2.5 A.17.18 3.1.18 3.1.1.18 3.1.2.20 3.1.3.22 3.1.4.23 3.1.5.24 3.2.25 3.3.31 3.3.1 CXO.31 3.3.2.32 3.3.3.34 3.3.4.34 3.3.5.35 3.3.6.35.38 4.1.38 4.2.42 4.3.43.44 1 Neuralink.6 2 BCI.7 3 BCI.7 4.8 5 Neuralink.9 6.10 7.11 8.12 9.14 10.15 11.16 12 A.17 13 A 2024.17 14 2.26-3.1 VS.VS.300.18 15 2023 VS.VS.300(%).18 16 IND.19 ZXFUwPrMsRpOsMnOrMsNrQaQbPbRoMnNmOtPkPqQsRiNrRtO7NnNvNwMpMnOvPpPoR 2024 03 04 P.3 17 5 5.20 18 2024 VS.(%).22 19 vs 2023.23 20.24 21 vs 2024.25 22 2024 VS.VS.(%).26 23.26 24.26 25.27 26.28 27.29 28.29 29 vs 2024.31 30 CXO.32 31 vs 2024.32 32 5 5.33 33.33 34.36 35.36 36 2.26-3.1 VS.300 VS.38 37 2023 VS.300 VS.(%).38 38%.39 39 2024%.40 40%.41 41 2023%.41 42 PE vs.A-.42 43 2013.43 44.43 45.44 2024 03 04 P.4 2.26-3.1 2.26-3.1 1.72%13 300 1 2 3 2000 NASH ADC TCE 2-3 1 1 NASH 2 3&RSV AD&2 1 ADC 2 TCE 璟 3 4 CGT 3 1 2 4 5 1 2 3 1 CGM 2024 03 04 P.5 2 3 4 1&-U-U 2024 03 04 P.6 1 29 Neuralink 1 28 2 19 Neuralink 2016 Telepathy Stephen Hawking 1 Neuralink Neuralink 2.1 BCI brain-computer interface BCI BCI BCI BCI 2024 03 04 P.7 BCI BCI BCI BCI 2 BCI 3 BCI 2024 03 04 P.8 BCI BCI BCI/BCI BCI 4 2.2 Neuralink Neuralink Neuralink-2024 03 04 P.9 5 Neuralink Neuralink 2023 5 FDA 2023 4 NCT05920174 20230175 2024 1 28 2023 10 24 40 ASIA A 54 Telepathy-PRIME Precise Robotically Implanted Brain-Computer Interface NEO Neural Electronic Opportunity 64 1024 Neuralink Neuralink 4 8 NEO 3 5(OCT)90%ASIA 1 2 64 1024 1 NEO 10 2 Neuralink 2024 03 04 P.10 6 Xue H,Wang D,Jin M,et al.sEEG/Herff C,Krusienski D J,Kubben P.stentrode Thomas J Oxle BCI Sean L.Metzger BCI Francis R.Willett AI AI Francis R.Willett 2024 03 04 P.11 7 BCI EEG sEEG sEEG BCI ECoG BCI SSVEP 36bits/min BCI 84%BCI 190 6 500 SSVEP 84%57%SSVEP 3.08dB 50 9.1%2.7 125000 23.8%90 94.1%99%BCI AI 2024 03 04 P.12 2.3 350 30 56%44%8 2.4 2.4.1 2030-2040 400 150 250 10%2024 03 04 P.13 2022 1356.12 995 136 100 2.4.2 40 g.tec recoveriX 30 99%95%20%Onward Clinatec 10 Science Corporation 60 71%29%EEG MJN Neuroserveis 3D 9.5 CE 1750 20 81%CenSyn PenEEG iPhone iPad 2 Looxid Labs 2024 03 04 P.14 30 83%20 Ybrain MindTeam 88 10 92%40 Sleepmed Stellate Systems Cumulus Neuroscience 9 40 10 60 71%29%20 81%2024 03 04 P.15 50 83%50 10 40 92%200 25%75%10 Neuralink 2015 2016 2020 23mm GETTHG A LHK(Link V0.9)2021 2023 5 FDA BrainGate 2017 Neurolutions 2012 Ipsihand 2021 FDA De Novo FDA Synchron 2012 Stentrode FDA(IDE)Kernel BryanJohnson 2024 03 04 P.16 Paradromics 2015(NIOB)2023 5 18 Paradromics Connexus(Connexus DDI)FDA ConnexusDDI 11 2016 eCon eConHand 2018 BrainUp 2018 A 2014 12 AI 2022 4 2021 12 2014 12 VR FLOWTIME 2018 3 2021 7 12 2024 03 04 P.17 2.5 A 12 A PE-2023E PE-2024E 106 140 134 2003 5 1 1,500 50 4 1 5,000 40-2016 40 24 18 20 Wind wind 2024.3.1 13 A 2024 Wind 2024 03 04 P.18 3.1 3.1.1 2.26-3.1 2.78%300 3 1 1,675.31 2.78%1.72%300 1.38%1.06 300 1.40 2024-11.88%-10.05%300 3.11%300 15 2023 VS.VS.300(%)Wind 2 2.26-3.1 5-B-B-U 5-B-B-B-B-B-40-30-20-1001020 300 14 2.26-3.1 VS.VS.300 2.26-3.1%7,583.45 7,455.14 1.72-0.01-10.05 300 3,537.80 3,489.74 1.38 0.62 3.11 1,675.31 1,630.04 2.78-0.05-11.88 Wind 2024 03 04 P.19 3 1 GLP-1 2 3 ADC PD-1 璟 4 3 1 FDA Rybrevant(amivantamab-vmjw)-EGFR 20 NSCLC FDA Rybrevant 2021 5 III PAPILLON Rybrevant FDA EGFR 20 NSCLC PAPILLON III Rybrevant EGFR 20 NSCLC BICR PFS ORR PFS OS Rybrevant 2 29 Argenx 2023 12.69 Vyvgart Vyvgart SC 11.91 IgG1 Fc Fc FcRn G IgG IgG 2021 12 AChR gMG ISTs gMG 16 IND HRS-5346-CXHL2400233 RBD1016 ASGPR CXHL2400235 JAK1 CXHL2400224 rovadicitinib JAK2 CXHL2400232 2024 03 04 P.20 5 GLP-1 NASH AD/PD-1/ADC combo Trop-2 Nectin-4 HER-3 ADC 2 Lifileucel ESMO TAT 1 2 璟 3.1.2 1 114 2.26-3.1+2.35%0.63%0.50%2 2.26-3.1 5 橦 5 17 5 5/%/%11.76-6.76 橦 11.17-6.34 11.06-5.15 10.72-4.11 8.15-3.95 Wind 2024 03 04 P.21 3 TEVA 2024-2028 20-25 3000 2 VMAT2 2017 2020 FDA NMPA HD TD 2020 NMPA-IL-IL-2021 3 FDA FDA 12 2023 11 1 HSK39775 NMPA HSK39775 BRCA HSK39775 80%58 44 18 OTC 41 OTC NMPA 3 4 PD-L1(TQB2450)CDE MSI-H DNA dMMR 4 1+2024 pharma/&2 2023 2024 03 04 P.22 5 1 2 3.1.3 1 2.26-3.01 1.72%1.46%0.26 2024-10.05%-4.01%6.04 18 2024 VS.(%)wind 2 2.26-3.01 5 5*ST*ST 3 1 RAY1225 2024 2 2/II 2 II 2 NMPA 1.1 3 480 14 VAS 50%1.1 3 588-25-20-15-10-5052024-01-022024-01-032024-01-042024-01-052024-01-082024-01-092024-01-102024-01-112024-01-122024-01-152024-01-162024-01-172024-01-182024-01-192024-01-222024-01-232024-01-242024-01-252024-01-262024-01-292024-01-302024-01-312024-02-012024-02-022024-02-052024-02-062024-02-072024-02-082024-02-192024-02-202024-02-212024-02-222024-02-232024-02-262024-02-272024-02-282024-02-292024-03-01 II 2024 03 04 P.23 ADAS-Cog 4 20221012-20230505 1 24 2023 6+2023 5 3.1.4 1&2.26-3.1 1.36%1.72%0.36 2023-26.89%-16.39%10.50 19 vs 2023 Wind-50%-40%-30%-20%-10%0%10%20%2023/1/22023/1/132023/2/32023/2/172023/3/32023/3/172023/3/312023/4/142023/4/282023/5/122023/5/262023/6/92023/6/212023/7/72023/7/212023/8/42023/8/182023/9/12023/9/152023/9/282023/10/202023/11/32023/11/172023/12/12023/12/152023/12/292024/1/122024/1/262024/2/92024/2/23 2024 03 04 P.24 3 6.9%5.7%3.8%3-7.1%-3.3%-1.3%2 MSD HPV HPV RSV+HPV GSK RSV(3)20 13 CRM197 TT CXSS2400020 2023 4.96 9.38%0.17 34.49%320.55 344.77%16.12 9.03%2023 177.96 6.36%3.01 2.89%3.14 6.79%14.57 5.34%4 2023Q1 2023Q2 HPV 13 1 5 3.1.5 1&2.26-3.1 2.40%1.72%0.68 2024 03 04 P.25 21 vs 2024 Wind 3.31%2.69%2.63%2 1 3 3.2 1 2.26-3.1 1.72%1.43%0.29 0.10%2.24%4.03%2024 10.05%7.54%6.82%9.98%6.20%3.23%0.07%3.85%-25%-20%-15%-10%-5%0%2024 03 04 P.26 22 2024 VS.VS.(%)Wind 2 23%10.83-10.12 10.36-6.13 9.40-3.00 8.26-2.27 8.06-2.09 Wind 24%-U 12.63 ST-4.50 9.49-4.21 7.24-4.00 7.03-3.81 4.38-2.82 Wind-30%-25%-20%-15%-10%-5%0%5%()()()()()2024 03 04 P.27 25%16.49-5.23 12.33-5.01 9.57*ST-4.22 9.12-3.34 9.10-3.09 Wind 3 1 2024Q1 2024 2 1 2 3 2023 12 21 25/IVD 3-5 2024 03 04 P.28 4 26 2023 1 2023 4.62+43.72%1.36+45.41%1.22+58.90%29.52%26.33%2 2023Q4 1.30+24.19%+16.50%0.35 9.77%+11.65%0.31+7.82%+21.68%26.64%23.72%1 2023 2 2023 1 2023 6.78+52.29%0.58+166.93%0.44+359.11%8.55%6.56%2 2023Q4 2.49+51.68%+78.83%0.13-2.70%+79.78%0.07+35.89%+83.42%5.12%2.90%AQ-300 2023 1 2023 114.11+23.52%19.74+19.21%16.65+25.38%17.30%14.59%2 2023Q4 39.78+17.72%+84.09%9.10+20.17%+619.31%8.36+37.55%+1902.34%22.87%21.02%1 2,2023 1 2023 18.86+21.72%6.19-3.53%5.99+15.97%32.81%31.78%2 2023Q4 4.89+9.76%+11.15%1.86+39.32%+71.54%1.08-3.32%-26.17%38.01%22.02%1 2 40.31%2023 1 2023 29.12-31.17%-5.97-129.46%-6.71-354.01%2 2023Q4 7.08-24.74%-6.85%-3.99-8990%-300%-4.28-248%-297%1 2 30.57%3 Wind 2024 03 04 P.29 27 2023 1 2023 5.09+37.09%2.17+49.71%2.12+48.27%42.65%41.63%2 2023Q4 1.63+50.44%+16.07%0.74 53.94%+14.64%0.71+70.36%+12.41%45.31%43.88%1 2 3 2023 1 2023 3.29+26.46%547+84.06%-3569-213.25%1.66%2 2023Q4 9312+36.11%-0.88%-605-2392%-164.61%-1824-69.05%-258.48%1 5 2 2023 50%2023 1 2023 3.43+77.99%-0.49-134.03%-0.58-140.63%2 2023Q4 0.99+266.33%+18.37%-757+85.83%+37.60%-903+83.46%+35.62%1 99.10%2023 2 60.59%Wind 28 2023 1 2023 10.06-84.40%3.60-81.40%0.68-96.29%35.79%6.77%2 2023Q4 3.74-84.30%+82.54%0.61-82.12%-70.92%0.48-83.24%+546.46%16.18%12.72%1 2 2023 7.84 150%4 680%HPV 2023 1 2023 8.24-90.60%-3.72-117.99%-4.04-119.36%2 2023Q4 1.72-81.11%+14.16%-3.00+69.54%-179.58%-2.99+70.03%-162.63%1 2/2023 1 2023 5.41-84.78%0.30-96.81%-0.56-105.99%5.57%2 2023Q4 1.34-75.48%+34.35%-0.24+84.55%+20.30%-0.67+52.62%-61.25%1 2023 2 2023 1.33 24.64%Wind 2024 03 04 P.30 5 1 1 2 3+2 1 3 4 1 2023Q2 2023 2024+3 1 2+4 1 IVD 2 3+6 1 2024 03 04 P.31 IVD 2 IVD 3.3 3.3.1 CXO 1 CXO 2.24-3.1+2.83%+1.72%1.11 2024-20.66%-10.05%10.61 29 vs 2024 Wind 2 CXO CXO+6.0%+5.7%+4.8%+4.0%+3.3%-8.5%-7.9%-2.0%-1.6%-1.2%-35%-30%-25%-20%-15%-10%-5%0%2024/1/12024/1/52024/1/122024/1/192024/1/262024/2/22024/2/92024/2/232024/3/1 2024 03 04 P.32 3 CXO CXO&CGT CXO 4 CXO 30 CXO 2023 2023 9.54 40.98%1.94 24.43%1.89 33.33%Wind 5 CXO C 3.3.2 1 2.26-3.1 2.94%1.72%1.22 31 vs 2024 Wind-30%-25%-20%-15%-10%-5%0%2024 03 04 P.33 2 11.76%11.01%9.16%5.10%峆 4.52%-2.76%-2.64%-2.41%-1.53%-1.46%32 5 5/%/%11.76%-2.76%11.01%-2.64%9.16%-2.41%5.10%-1.53%峆 4.52%-1.46%Wind 3 33 CEP 2 CEP CEP HoFH 4 1 GLP-1 GLP-1 2 5 2024 03 04 P.34 3.3.3 1 1 7 2.26-3.01-0.68%2.40%2 2.26-3.01 2 1 2023 2 2 3 1 2 3.3.4 1 1 20 2.26-3.01 0.36%1.36%2 2.26-3.01 5 5 2 1 CSO 2 2023 3 1 2024 03 04 P.35 2 3.3.5 1 1 18 2.26-3.01 1.84%0.11%2 2.26-3.01 5 5 2 1 2020 2/2023 3 1 2 3.3.6 1 wind 2022 2.26-3.1 1.72%3.55%1.84%2024 10.05%23.02%24.98%2024 03 04 P.36 2 34%19.90-4.13 13.98-1.45 13.29-1.25 9.79-1.18 5.79-0.51 Wind 3 1 2 4/35 2023 1 2023 27.71+6.26%0.73-41.70%0.49-55.24%2.63%1.76%2 2023Q4 7.17+8.21%-1.16%88-96.87%-95.88%-1256-154.72%-161.81%0.12%1 2 2023 1 2023 3.67+21.26%-0.20-0.40 2 2023Q4 0.99+13.55%+13.95%-509-1146 1 2 3 2023 1 2023 20.02+3.98%1.77+0.11%1.38-10.18%8.86%6.89%2 2023Q4 5.73+2.21%+14.83%0.52 2024 03 04 P.37-19.01%+3.80%0.34-31.13%-25.60%9.10%5.93%2023 1 2023 2.43-17.41%5404-48.72%3472-60.89%22.23%14.28%2 2023Q4 0.71+0.25%+41.62%1086-51.27%+104.94%303-80.25%+45.63%15.20%4.24%1 2023 2 2022 IVD 2023 1 2023 12.87-63.94%-0.71-111.90%-1.90-131.79%2 2023Q4 4.18-66.97%-40.00%569+21.00%-5044 1 2023 Wind 5 1 2023/a.2022 R&D 3.08 10.11%2023 R&D b.biotech+SKU 2 3 6 1 2024 03 04 P.38 2 4.1 2.26-3.1 1.72%300 1.72%300 1.38%3.74%300 0.34 2.02 2024 16.39%300 8.62%22.27%300 37 2023 VS.300 VS.(%)Wind 36 2.26-3.1 VS.300 VS.2.26-3.1%300 3,537.80 3,489.74 1.38 10.03 3.11 1,824.03 1,758.19 3.74 15.93-3.56 7,583.45 7,455.14 1.72 10.49-10.05 Wind-40-35-30-25-20-15-10-5051015 300 2024 03 04 P.39 2.26-3.1 13 2024 27 38%Wind 1.38 1.72-4-2 0 2 4 6 8 10 2024 03 04 P.40 39 2024%Wind(10.05)3.11-20-15-10-5 0 5 10 15 2024 03 04 P.41 2.26-3.1+2.94%II+0.55%40%Wind 2023 40.31%II 37.40%II 5.28%II 12.22%20.85%II 17.51%II 14.57%41 2023%Wind 1.72-7-6-5-4-3-2-1 0 1 2-60-50-40-30-20-10010203040502023-01-012023-01-112023-01-202023-02-072023-02-162023-02-272023-03-082023-03-172023-03-282023-04-072023-04-182023-04-272023-05-112023-05-222023-05-312023-06-092023-06-202023-06-292023-07-102023-07-192023-07-282023-08-082023-08-172023-08-282023-09-062023-09-152023-09-262023-10-132023-10-222023-10-292023-11-052023-11-122023-11-192023-11-262023-12-032023-12-102023-12-192023-12-282024-01-042024-01-152024-01-242024-02-022024-02-132024-02-22 II II II II II 2024 03 04 P.42 4.2 2.26-3.1 PE TTM 25.47 0.47 2005 36.74 11.28 PE A 42.00%3.77 2005 63.80%21.80 42 PE vs.A-Wind 2.26-3.1 3490.63 54436.63 6.41%2013 7.27%0%20%40%60%80%100%120%140%160%01020304050607080902005-01-072005-06-072005-11-072006-04-072006-09-072007-02-072007-07-072007-12-072008-05-072008-10-072009-03-072009-08-072010-01-072010-06-072010-11-072011-04-072011-09-072012-02-072012-07-072012-12-072013-05-072013-10-072014-03-072014-08-072015-01-072015-06-072015-11-072016-04-072016-09-072017-02-072017-07-072017-12-072018-05-072018-10-072019-03-072019-08-072020-01-072020-06-072020-11-072021-04-072021-09-072022-02-072022-07-072022-12-072023-05-072023-10-07资料来源：wind 医药行业相对A 股（剔除 银行）估值 溢 价水 平资料来源：wind A 股（剔除银行）的PE 2024 03 04 P.43 43 2013 Wind 4.3 2.26-3.1 5 5*ST 5 5-U 44%23.96 RAY1225 GLP-1 II-11.18 22.25 2023-10.12 2023 16.49 2023*ST-9.59 15.77 2024-7.91 13.98-7.10 13.29-7.07 2023 13.17-6.76 2023 12.79 2000-6.34-U 12.63 2023-6.13 2023 12.33 10000*ST-5.79 wind 0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%18.00%0100020003000400050006000700080009000100002013/01 2014/01 2015/01 2016/01 2017/01 2018/01 2019/01 2020/01 2021/01 2022/01 2023/01 2024/01 2024 03 04 P.44 45%10.11 2023-7.09 9.32 19-U-5.07 2023 9.08 2023-5.06 2023 1 9.04-5.02 5.91%8.93-4.15 2023 7.52-3.58 2023 6.07-3.48 5.88 2000-3.41 5.67 60%-U-3.27 2023 5.51 185-3.27 2023 wind 1 2 3 2024 03 04 P.45,6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%8 7 7 100077 868 One56 1 10 200120 021-38124100 1115 330038 0791-86281485 100 24 518033