研報掘金丨華源證券:首予科倫藥業“買入”評級,創新藥即將進入商業化兌現期
華源證券研報指出,科倫藥業(002422.SZ)多年研發投入即將兌現,向全球製藥領先企業發展。公司在大輸液、原料藥、創新藥等領域已成長爲國內乃至全球範圍頭部企業,尤其創新藥領域已進入全球市場商業化兌現前夕,未來具有較大想象空間;原料藥板塊在合成生物學領域佈局較早,逐步進入兌現期;大輸液作爲傳統基本盤競爭格局較好,未來有望保持相對穩健。選取信立泰、海思科和恆瑞醫藥作爲可比公司,公司估值水平低於可比公司,且公司大輸液和原料藥板塊格局較好,創新藥即將進入商業化兌現期,首次覆蓋給予“買入”評級。
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