招商证券(香港)：诺诚健华（09969）港股公司研究报告-Smallmolecules,bigpromise

诺诚健华-B(09969) Frost&Sullivan(F&S)estimatesglobalBTKinhibitormarketforlymphomastogrow23%CAGRtoUSD12.9bnover2018-2023E Innocarehasaprovenin-houseR&Dcapability,supportingitsBTK(orelabrutinib)topotentiallymarkabest-in-classinspace WeinitiateCo.withBUYandSOTP-basedTPatHKD17.9,andflagitsBTK’spotentialNDAapprovalisthelargestcatalystin2020 Hugeunmetmedicaldemandinhematologiccancers Lymphomasarehematologiccancersinvolvinglymphocytesoftheimmunesystem,broadlybifurcatedintonon-Hodgkin’sLymphomas(NHL,account