远大医药(0512.HK)布局创新药已入收获期产品结构优化
机构：中泰证券
公司 191H 收入 35.9 亿港元，同比增长+10.9%；毛利 22.7 亿港元，同比增长 +21.7%；公司股东应占溢利为 5.5 亿港元，同比+73.4%；每股盈利 0.17 港元。 公司盈利增加主要受益产品结构优化，医药及器械板块的带动。
公司近两年持续调整产品结构，医药及器械板块收入同比+28.4%达 20 亿元人民 币，占公司主营收入的 64.4%，其中耳鼻喉呼吸及五官科独家产品“切诺”、心脑 血管产品增势迅猛，同比分别增32.8%、27.1%、57.2%至8.18亿、5.54、6.51亿 人民币，使公司于期内的平均毛利率从 18 年 57.7%提高至约 63.4%。生物及营养 板块则受到成本和政策影响，191H 收入 7.4 亿元人民币，同比微增 5.0%；原料药 板块同比微跌 0.83%至 3.57 亿，管理层强调原料制剂一体化布局会助力公司在未 来竞争中获势。
公司近年来一直通过外延式收购及自主研发布局创新药，公司储备的多个高技术壁 垒新药正逐步进入收获期，收购的澳洲 Sirtex（权益 49%）晚期肝癌靶向治疗产品 SIR-Spheres-Y-90 树脂微球有望 2021 年上市，预计中国市场渗透率达 5.5%，五 年实现收入 2-3 倍数增长，预期达到 20 亿元以上；191H 获得新型复方鼻喷剂 Ryaltris 中国区域独家销售权，预计 2023 年上市; 罕见病用药产品线卡谷氨酸片 （治疗高氨血症）、氨己烯酸片（主治难治性癫痫）已被列入优先审评审批名单， 预计于 2019 年内获批上市；入股加拿大 Conavi 的血管内超声光学相干断层同步 成像系统已进入优先审批阶段；由德国联营公司研发的药物涂层球囊预计 19 底陆 续上市。
公司业绩稳定盈利能力在持续增强，资产负债率趋降，研发产品线丰富，“内生外 延”的发展战略值得期待，据彭博一致预测，公司 19E/20E 收入为 72.4/87.3 亿港 元，净利为 10.1/ 13.4 亿港元， EPS 为 0.34/0.45 港币，对应 11.9/8.9 倍市盈率 水平。
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