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恩華藥業(002262):產品結構快速改善 靜待下半年拐點
格隆匯 07-31 00:00
核心觀點:疫情影響下上半年經營基本符合預期。22 年上半年實現收入20.01 億元,同比增長7.3%,歸母淨利潤4.48 億元,同比增長8.91%,扣非後歸母淨利潤4.5 億元,同比增長8.02%;單二季度收入10.09 億元,同比增長4.95%,歸母淨利潤2.59 億元,同比增長6.46%,扣非後歸母淨利潤2.6 億元,同比增長4.84%。二季度疫情和集採影響下,公司產品銷售基本符合預期。麻醉類產品佔比進一步提升,產品結構改善迅速。22 年上半年麻醉類產品收入9.78 億元,同比增長12.88%;受集採影響,精神類收入5.4億元,同比下滑0.64%;神經類收入0.84 億元,同比下滑2.96%;其他製劑收入0.56 億元,同比下滑9.9%;原料藥收入0.63 億元,同比增長17.81%;醫藥商業收入2.28 億元,同比增長5.81%。製劑產品結構改善明顯,製劑產品中,麻醉類產品收入佔比較2021 年全年繼續提升,達到59.01%。研發轉型持續加強,第一款創新藥奧賽利定已申報上市。22 年上半年研發費用1.91 億元,同比增長22.24%,研發費用率提升至9.56%。研發團隊和BD 團隊逐漸完善,內生和引進推動創新轉型。公司一類新藥奧賽利定國內NDA 審評中,NH600001 乳狀注射液、 Protollin 鼻噴劑、CY150112 片、NH102 鹽酸鹽片、 NHL35700 等創新藥項目以及麻藥特殊劑型項目快速推進;與靈北製藥、天境生物合作產品Lu-AF35700 等早期臨牀穩步推進。盈利預測與投資建議。預計22-24 年業績分別為0.87、1.01、1.20 元/股。考慮公司麻藥製劑產品快速放量,產品品類逐步齊全,產品結構快速改善,結合麻藥行業屬性;因行業整體調整幅度較大,參考可比公司估值,合理價值18.52 元/股,對應22 年21 倍PE,維持“買入”評級。風險提示。麻藥放量不及預期,非麻藥存量仿製藥集採推進超預期。
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