港股異動 | 海普瑞升超6%站上發行價，半年報業績預告超市場預期
uSMART友信智投7月15日消息，週三港A兩市，海普瑞齊齊上升，截至14:58分，海普瑞A股升5.84%，市中一度升停，H股升6.26%，報18.68港元，重新站上發行價(18.4港元）上方。
昨日市後，海普瑞發佈半年報業績預告，超市場預期，預計上半年歸母淨利潤5.5~6億元，同比增長0%~10%，扣非歸母淨利潤預計同比增長620%-690%。EPS ;預計約為0.44元~0.48元。根據預告計算，2020年Q2歸母淨利潤為2.9-3.5億元，同比增長約639%~778%，單季度扣非淨利潤約為1.9-2.4億元，同比增長246%~330%。
西南證券發表研報稱，肝素業務和CDMO業務保持枝快增長。公司各項業務收入上半年均有較快同比增長，其中肝素產業鏈受製劑業務驅動業績快速增長，預計實現收入15億元左右，同比增長約25%:依諾製劑預計今年上半年收入有望超6億元，同比增長約25%~30%。CDMO業務上半年預計實現收入約為4億元左右，同比增長有望超過30%。原料藥業務方面受益於2019年下半年與客戶定價模式的調整實現了成本波動的有效傳導，今年上半年毛利率實現大幅上升。肝素原料藥市場保持較高的景氣度，上游原料供應鏈完善，下游客戶粘性大，通過加強肝素粗品成本與肝素API售價的控制，公司肝素原料藥業務的收入和毛利率有望恢復增長: CDMO業務收入增長，帶來毛利額和毛利率增長，邊際效應顯著。
佈局全球First-in-class創新藥,打開公司中長期成長空間。公司通過投資佈局了滿蓋腫瘤免疫、II型糖尿病併發症、耐藥菌等多個新型療法需求較大的創新藥研發領域，RVX208. AR-301、Oregovomab等產品已進入關鍵臨床階段，公司擁有RVX208和Oregovomab的大中華區商業化權利，未來有望打開公司中長期成長空間。
西南證券預計2020-2022年歸母淨利潤分別為10.2億元、12.8億元、15.4億元，考慮到股本變化對應EPS為0.70、0.87.1.05元，對應PE為37.30、25倍。公司肝素原料藥和製劑一體化，大分子CDMO+創新藥打開成長空間，維持“買入”評級。
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