遠大醫藥(0512.HK)：全球化創新再下一城，業績長期增長可期，維持“增持”評級
機構：光大證券
評級：增持
◆事件：
2月10日，公司發佈公告，宣佈完成收購美國納斯達克上市公司OncoSecMedical股份，交易完成後，公司與Sirtex（公司間接持股49%）共同持有OncoSec52.8%已發行普通股，其中公司持股約44%。
◆點評：
全球化創新再下一城。
OncoSec專注於開發腫瘤免疫療法，核心產品Tavo通過腫瘤內注射表達IL-12的DNA，利用短脈衝電穿孔傳送至腫瘤及其微循環境中，產生受控的、局部表達的IL-12，從而使免疫系統能夠靶向攻擊腫瘤細胞。目前進度最快的是治療既往接受抗PD-1免疫治療後病情進展的轉移性黑色素瘤。完成此次收購後，公司將擁有OncoSec全線產品於包括中國大陸在內的38個國家和地區的獨家商業化權利。這次交易有望加速構建公司免疫產品開發平台和商業化團隊，進一步提高公司研發實力並強化公司在歐美成熟市場的國際化佈局。
產品結構不斷優化，自主研發與開拓國際創新雙輪驅動。
公司產品結構不斷優化，19H1製劑及器械業務實現收入20.0億元（+28.4%），佔比超60%。其中眼科、呼吸及耳鼻喉、心血管急救分別實現收入3.5/8.2/6.5億元（+13.1%/+32.8%/+57.1%）。五官科獨家產品切諾受益於基層及零售市場的開發，收入增長26.9%至5.5億元。藥塗球囊系列產品有望於未來2~3年陸續上市，製劑及器械業務佔比有望持續提升。
公司加快自主研發和外延收購，儲備包括：1）凱德諾產品：Restore產品及Aperto產品分別有望於19~20年上市；2）Conavi產品：心臟與心腦血管介入設備已進入創新醫療器械特別審批通道，有望於20年上市；3）Glenmark產品：Ryaltris鼻噴劑目前處於FDA審批發補資料階段。4）乾眼症新藥BRM421：有望於20年開展大規模臨牀。
◆維持“增持”評級。公司國際創新項目將相繼落地，我們維持19~21年淨利潤為10.3/13.2/16.7億港元，維持19~21年EPS（攤薄）分別0.30/0.39/0.50港元，同比分別增加15.1%/28.5%/26.6%，對應19-21年PE分別為18/14/11x，維持“增持”評級。
◆風險提示：併購不及預期；原料藥利潤波動。
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