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研報掘金丨東吳證券:雅本化學積極開拓醫藥+大健康領域,維持“買入”評級
格隆匯7月19日丨東吳證券研報指出, 雅本化學(300261.SZ)新建農藥原藥及農藥中間體項目,產業鏈不斷延伸。短期來看,項目資金來源於蘭沃科技的自有資金和自籌資金,對公司的業績和財務情況的影響較小。長期來看,該項目的推進將實現公司產業鏈的外延,提升供應鏈的自主可控能力,有利於公司健康發展。公司新聘任副總經理,研發經驗豐富。其所具備的行業前瞻性視野將有助於公司實現多元發展的戰略目標。另外,公司探索精細化工其他細分領域,業務多點開花。覆蓋農藥全產業鏈,擁有農藥定點生產資質,具備生產農藥中間體、原藥和製劑的能力;配備化學合成車間,滿足客户的常規和特殊化定製需求。公司積極推進蘭州基地建設,拓展產業鏈上下游,維持公司2023-2025年歸母淨利潤分別1.8、2.3、3.0億元,按2023年7月18日收盤價計算,對應PE為50、38、30倍。考慮到公司在康寬中間體領域的先發優勢和成本優勢,以及公司積極開拓醫藥+大健康領域,我們看好公司的成長性,維持“買入”評級。
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