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研報掘金丨華福證券:首予健友股份“買入”評級,肝素價格有望恢復
格隆匯 03-13 17:11

華福證券研報指出,2023受到下遊企業去庫存影響,肝素原料藥需求端減弱,價格進入下跌週期,健友股份(603707.SH)於23年對API存貨計提12.4億元跌價準備,當前隨着供給端格局穩定+需求端去庫存週期或接近尾聲,肝素價格有望恢復。公司作爲肝素原料藥龍頭,相關業務收入體量及毛利率未來有望回升。2024年公司擬轉回存貨跌價準備1.6-2.4億元,認爲若未來肝素行業景氣度向上,公司或有進一步進行減值衝回的可能,有望增厚企業利潤。考慮到公司作爲快速轉型中的肝素原料藥企業,海外注射製劑的快速增長以及生物類似藥出海有望爲25-26年業績貢獻顯著增量,首次覆蓋給予“買入”評級。

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