远大医药(0512.HK)产品结构持续优化创新引领快速增长
机构：光大证券
评级：增持
◆19H1业绩快速增长。公司19H1收入35.9亿港元（+10.9%），毛利22.7亿港元（+21.7%），归母净利润5.5亿港元（+73.4%），摊薄EPS0.17港元，超出此前预期。19H1毛利率63.4%，同比增加5.7pp；净利润率15.3%，同比增加5.5pp。若不考虑人民币贬值影响，19H1收入和净利润同比增长分别为18.1%和86.8%，公司盈利增长的主要原因在于公司产品结构持续优化，高毛利产品占比不断提升。
◆产品结构不断优化。19H1公司制剂及器械业务实现收入20.0亿元人民币，同比增长28.4%，占比超60%。其中眼科、呼吸及耳鼻喉、心血管急救分别实现收入3.5/8.2/6.5亿元人民币（+13.1%/+32.8%/+57.1%）。五官科独家产品切诺受益于基层及零售市场的开发，收入增长26.9%至5.5亿元人民币。公司药品布局较为全面，药涂球囊系列产品有望于未来2~3年陆续上市，预计制剂及器械业务占比将持续提升。此外，生物技术板块实现收入7.5亿元人民币，同比增长5.0%，氨基酸市场需求增加，有望持续贡献利润；精品API及化工产品实现收入3.6亿元，受产品结构调整与生产工艺改进影响，同比减少0.8%。
◆自主研发与开拓国际创新双轮驱动。公司加快布局药物自主研发，2个罕见病药（卡谷氨酸片和氨己烯酸片）进入优先审评，有望于19年底前获批。外延方面，公司国际化创新药械布局加速，产品储备包括：1）引入凯德诺产品：Restore产品2个适应症进入注册审批阶段，Aperto产品提交注册材料，分别有望于19~20年上市；2）引入Conavi产品：心脏与心脑血管介入设备已进入创新医疗器械特别审批通道，有望于20年上市；3）引入Glen mark产品：Ryaltris鼻喷剂目前处于FDA审批发补资料阶段。公司擅长细分领域并购整合，此前完成收购旭东海普55%股份以扩充心血管线、呼吸道领域重磅产品；与鼎晖共同收购澳洲公司Sirtex，帮助抗肝癌重磅新药钇-90进入中国市场，2家公司上半年权益并表贡献1642万元盈利。
◆维持“增持”评级。公司高毛利品种持续放量，国际创新项目将相继落地，利润结构有望持续改善。我们维持19~21年净利润为10.3/13.2/16.7亿港元，考虑到公司可转债兑换股本扩大，调整公司19~21年EPS（摊薄）分别至0.30/0.39/0.50港元，同比分别增加15.1%/28.5%/26.6%，对应19-21年PE分别为13/10/9x，维持“增持”评级。
◆风险提示：并购不及预期；原料药利润波动。
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