Komo: Maintaining the target price of HK$71 for the Inosilicon Smart (03696) “gain” rating

The Zhitong Finance App learned that J.P. Morgan Chase released a research report saying that the recent progress in longevity research has strengthened its differentiated advantage in the AI drug development (AIDD) industry; the bank maintains the “incremental” rating of Insili Intelligence, with a target price of HK$71, based on the classification plus valuation (SOTP) of December 2027. Among them, drug discovery and software solutions and other businesses use 17.5 times and 8.9 times EV/S multiples, respectively, implying that the 2027 predicted market sales rate is about 19 times that of the global IDAD industry 173 times ( The lower end of (about 60 times the median).

The bank pointed out that the “Cell” cover study on Thursday (17th) introduced the age-related benchmark data set LongevityBench, a specific longevity language model Longevity-LLMS, and the Longevity Claw research agent to establish an integrated set of tools to evaluate AI reasoning and identify potential targets related to aging. This complements the recent study published in “Nature Biotechnology” on the interesting changes in biomarkers of aging in patients with idiopathic pulmonary fibrosis (IPF) with rentosertib. The bank believes that these developments link computational findings to emerging human evidence.

The bank pointed out that since the mid-June low, the stock price of Insilis Smart has risen 76% (the Hang Seng Healthcare Index (HSHCI) rose 24% during the same period), reflecting the strong sentiment of the market about its AIDD capability and commercialization potential. The bank believes that its investment theme remains attractive because the company combines clinical assets that are moving towards critical validation, demonstrated potential for external licensing, and additional opportunities for aging-related diseases.

The bank added that the “Cell” paper has strengthened the way Insilis intelligently discovers biological drugs for aging. The study introduced three complementary tools: LongevityBench assesses the ability of AI models to interpret biological data related to aging; specialized language models analyze clinical and multiomics data sets; and Longevity Claw combines these models with scientific tools to identify and prioritize treatment targets. Specialized models match or surpass the general large-scale language models tested in terms of research benchmarks, highlighting the importance of data and training in specific fields. Longevity Claw nominated 328 potential intervention targets. Compared with an independent, experimentally supported reference set of aging targets, the concentration was 5.6 times higher. The bank believes that this is a more systematic way to transform complex aging data into testable drug discovery hypotheses. Experimental verification is still necessary, but this ability can broaden Insili's intelligent R&D pipeline and create additional opportunities for cooperation.

Rentosertib is still the most clinically advanced example of how Insili Intelligence targets the common mechanisms of aging and specific diseases. In another “Nature Biotechnology” study, exploratory analysis of 42 patients in its phase 2a IPF trial (n=128) found that six proteome aging clocks showed that the predicted biological age in the treatment group was lower. The bank believes that the results of the various models have consistently strengthened the rationale for further research, although the significance varies depending on dose and time point, and the analysis cannot completely distinguish between the effects on aging and the improvement of lung disease. The TNIK inhibitor rentosertib has now entered phase 3 in China, and the first patient administration was announced on September 10. The bank sees this as a commercially pragmatic development strategy: establishing efficacy in specific diseases while studying broader biological effects. Successful IPF development will reinforce the rationale for exploring additional indications, but longevity applications require their own clinical evidence.