研報掘金丨華泰證券:維持新諾威“買入”評級,目標價46.15元
華泰證券研報指出,23年新諾威(300765.SZ)收入略有下滑而利潤維持穩健增長,主因咖啡因23年內價格承壓,但其原料成本價格下滑更甚,驅動產品毛利率優化(23年功能性原料板塊毛利率同比+2.65pct)。展望2024年,考慮咖啡因/阿卡波糖原料競爭格局優秀+價格企穩,疊加果維康需求維穩,看好公司內生業務淨利潤實現超10%同比增長。給予公司24年65倍PE(考慮公司龍頭屬性及在mRNA/GLP-1/ADC 等熱點領域的創新藥佈局,較可比公司24 年Wind一致預測54 倍予以溢價),目標價46.15元,維持“買入”。
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