研報掘金 | 西部證券:受益於流感帶動 濟川藥業一季度持續穩健增長 維持“買入”評級
格隆匯4月19日丨西部證券發研報指,濟川藥業(600566.SH)2023年Q1業績穩健增長,預計23Q1兩大清熱解毒類產品(蒲地藍)和兒科類產品(小兒豉翹)受益於春季流感流行,帶動業績保持穩健增長。此外,蒲地藍和蛋白琥珀酸鐵退省醫保影響有限,而硫酸鎂鈉鉀口服用濃溶液首次納入醫保目錄,公司營銷能力強,產品入醫保後,院端放量有望加速。2022年公司共達成4項產品引進或合作協議,現有治療管線進一步豐富。公司將每年完成4個新BD持續擴充公司產品線,為未來提供持久動力。西部證券預計公司23-25年歸母淨利潤分別為 25.31/27.94/31.31億元, EPS分別為2.75/3.03/3.40元 , 目前股價對應估值分別為11.7x/10.6x/9.5x。考慮到公司為中藥處方藥龍頭,內生與外延雙輪驅動增長,維持“買入”評級。該股現報32.39元,總市值299億元。
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