研報掘金丨平安證券:康緣藥業上半年業績符預期,持續推進新產品開發,維持“推薦”評級
格隆匯7月13日丨平安證券12日研報指出,康緣藥業(600557.SH)上半年歸母淨利潤2.76億元,同比增長30.60%,業績符合預期。23上半年延續高增長,毛利率有所提升。認為公司毛利率提升主要跟提升生產效率,和降低原材料採購成本有關。2023上半年公司注射劑收入規模最大,達到11.59億元(+53.93%),增速回復明顯,認為主要由於熱毒寧注射液規模恢復。公司持續推進新產品開發,23上半年梔黃貼膏獲批臨牀,新申報生產品種2個,3期臨牀研究品質2個。同時有序開展散寒化濕顆粒、金振口服液等已上市品種的循證證據研究。同時公司堅持打造金振口服液、熱毒寧注射液、銀杏二萜內酯葡胺注射液三個核心品種,同時佈局一批以杏貝止咳顆粒、腰痺通膠囊、複方南星止痛膏為代表的發展級產品,加大培育以天舒膠囊等為代表的心腦血管戰略儲備品種。暫維持公司23-25年淨利潤分別為5.74億、7.18億、8.91億元的預測,當前市值對應2023年PE僅24倍,維持“推薦”評級。
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