研報掘金丨天風證券:首予仙琚製藥“買入”評級,目標價17.37元
天風證券日前研報指出,仙琚製藥(002332.SZ)以甾體原料藥和製劑為主業,堅持原料藥製劑一體化經營模式,緊密圍繞婦科、麻醉科、呼吸科及皮膚科四大領域構建產品羣、服務羣。公司存量品種基本盤穩定,新品種在研管線商業化潛力十足。公司目前主力品種糠酸莫米松鼻噴霧劑2024H1累計增長30%,趨勢持續向好。考慮到藥械合一劑型新獲批上市大多需通過III期臨牀獲批,多家企業上市申請遭拒,認為公司該產品競爭格局依然良好,有望在2-3年保持較快放量趨勢。考慮到公司為甾體類原料藥製劑一體化龍頭,隨着起始物料價格向上、海外市場需求恢復,原料藥板塊有望企穩回升;製劑端:存量品種逐步克服集採影響,增量品種持續放量,在研品種商業化潛力大。給予2025年20倍PE,目標價17.37元/股。首次覆蓋,給予“買入”評級。
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