遠大醫藥(00512.HK)：產品結構持續優化，內生與外延雙輪驅動，維持“增持”評級
機構：光大證券
評級：增持
全年業績快速增長。公司 19年收入 65.9 億港元（+10.6%），毛利 40.4億港元（+27.8%），歸母淨利潤 11.5 億港元（+61.4%），合 EPS0.35港元，符合預期。19 年毛利率61.3%，同比增加8.3pp；淨利潤率 17.5%，同比增加 5.5pp。公司盈利增長的主要原因在於公司產品結構持續優化，高毛利產品佔比不斷提升。
產品結構不斷優化。19年公司製劑及器械業務實現收入37.6億元人民幣，同比增長 24.3%，佔比64.8%。其中眼科、呼吸及耳鼻喉、心血管急救分別實現收入 7.5/14.3/11.7 億元人民幣（+15.3%/+29.8%/+38.3%）。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28.7%至11.7 億元人民幣。公司佈局較為全面，藥塗球囊系列中國內首款支架內再狹窄和小血管病變雙適應症球囊產品 Restore進院順利，Aperto 已獲批上市，預計製劑及器械業務佔比將持續提升。此外，生物技術板塊實現收入13.7 億元人民幣，同比增長0.7%，氨基酸市場需求穩健，有望持續貢獻利潤；精品API及化工產品實現收入6.7 億元，產品結構調整與生產工藝改進進入最後階段，推動板塊增長。
自主研發與外延併購雙輪驅動。公司加快佈局藥物自主研發，20 年有望申報6 個仿藥一致性評價品種、2 個罕見病藥（卡穀氨酸片和氨己烯酸片）已進入優先審評。外延併購方面， 國際化創新藥械發展加速，產品儲備包括：1）引入 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年進入臨牀；2）引入Glenmark 產品：Ryaltris鼻噴劑以 505(b)2 途徑向 FDA 申報 NDA。3）此外公司入股或共同開發的國際拓展項目包括 Oncosec 腫瘤免疫治療、副流感病毒藥物、膿毒症全球新藥、乾眼症全球新藥等。公司擅長細分領域併購整合，此前完成收購旭東海普55%股份以擴充心血管線、呼吸道領域重磅產品；與鼎暉共同收購澳洲公司Sirtex，抗肝癌重磅新藥釔-90 有望於21年底或22年初進入中國市場。
維持“增持”評級。公司高毛利品種放量，利潤結構持續改善。考慮疫情對部分品種的銷售影響及器械品種上市推廣費用，略下調 20~21年淨利潤至13.8/16.9億港元，新增22年淨利潤為 20.5 億港元，對應EPS分別為 0.41/0.50/0.61 港元，同比增加 20.1%/22.1%/21.6%，對應 20~22 年PE分別為 13/11/9x。公司在細分領域的整合優勢明顯，維持“增持”評級。
風險提示：研發進度不及預期；併購不及預期等。
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