億勝生物科技(1061.HK)：業績持續快速增長，新藥儲備逐步豐富，維持買入評級，目標價 8.5 港元
機構：國元證券
評級：買入
目標價：8.5 港元
投資要點
2019 年實現淨利潤 3.03億港元，同比增長 30.9%，符合預期：
2019 年實現收入 12.79 億港元，同比增長 8.8%，以人民幣計增長 13.4%;淨利潤 3.03 億港元，同比增長 30.9%,以人民幣計增長 36.5%.，EPS 為 0.53 港元。按業務構成 的分析，眼科收入佔 44.4%，收入 5.67 億港幣，增長 7.3%，利潤貢獻增長 32.4%。 外科產品收入增長 10%，利潤貢獻增長 34.1%。
積極佈局生物新藥研發，產品線強大：
公司通過投資參股引進品種等方式佈局眼科前沿治療領域、新型抗體領域、基因治 療領域，產品梯隊進一步豐富。與 Mitotech 合作開發 SkQ1 滴眼液，已經在美國 FDA 完成三 A 期臨牀試驗，下階段的臨牀試驗的首例病例已經入組，預計最快於 2021 年底提交 NDA,因為全球疫情的影響，延後 1-2 個月。全球乾眼症市場規模在 50 億 美元，中國的市場規模在 15億港元，目前中國的滲透率非常低，不到 2%。阿奇黴 素滴眼液在國內進行三期臨牀。公司也在眼底藥及腫瘤領域積極尋找重磅品種，未 來會有 2 個重磅品種引入。
現有快速增長的品種增長的潛力還很大，在線醫療也將開展：
單劑量貝復舒滴眼液近期獲批上市，加上之前已經上市的妥布黴素、玻璃酸鈉、左 氧氟沙星單劑量劑型，是眼科系列的較大增量。適麗順用於視網膜病變。眼底類產 品目前國內不多，該產品的市場空間大。是獨家品種，目前滲透率僅為 3.32%，增 長的空間非常大。公司通過現有的醫生資源，進行特色的在線醫療服務，結合自身 的藥品優勢，今年計劃 1 萬名醫生入駐平台，進行差異化競爭。
維持買入評級，目標價 8.5 港元：
我們更新公司盈利預測並結合行業內可比公司估值情況，給予公司目標價 8.5 港 元，相當於 2020 年 12.7 倍 PE,目標價較現價有 93%上升空間，維持買入評級。
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