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研報掘金丨招商證券:華海藥業Q3盈利能力顯著提升,維持“強烈推薦”評級

招商證券研報指出,華海藥業(600521.SH)Q3整體業績貼近預吿上限,盈利能力顯著提升。預計公司原料藥、製劑產品結構持續調整,新產品佔比提升以及精益管理、規模效應、技改成效的體現,帶動利潤率顯著提升。今年以來,公司多個產品進入關鍵臨牀階段。華海藥業是國內原料藥、製劑一體化龍頭企業,原料藥、仿製藥製劑拐點向上,盈利能力有望持續提升,創新藥逐步進入收穫期,創新資產有望迎來價值重估。考慮到匯兑波動等因素,略微調整公司盈利預測,預計公司2024-2026年歸母淨利潤為13.0/15.9/19.6億元,同比增速為57%/22%/23%,對應PE 為20/17/13倍,維持“強烈推薦”投資評級。

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