研報掘金丨華源證券:維持信立泰“買入”評級,下遊慢病市場潛力廣闊
華源證券研報指出,信立泰(002294.SZ)爲中國慢病領域龍頭之一,在心血管領域佈局多年,並連續多年高研發投入(2023年研發支出超10億,佔收入比例達31%),在經過2018-2020年集採陣痛期後,創新藥板塊開始放量,且後續高血壓、心衰等大品種預計即將兌現,發展有望邁入創新驅動新臺階。從單方到複方,從初治到全流程管理,公司高血壓產品集羣即將逐步升級,競爭力不斷增強。選取海思科、恆瑞醫藥和貝達藥業作爲可比公司估值,考慮到公司創新藥研發順利推進,下遊慢病市場潛力廣闊,維持“買入”評級。
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