研報掘金丨招商證券:天士力新產品將逐步獲批上市,首予“增持”評級
招商證券研報指出,天士力(600535.SH)是國內中藥創新藥龍頭企業,以研發為核心通過自研和外部引進構建豐富產品管線。2024年8月公司公吿簽署《股權轉讓協議》,控股股東擬變更為華潤三九,進入央企華潤體系,強強聯合,成為華潤創新中藥主要承接者。作為中藥行業排名前十的企業,天士力與華潤三九強強聯合、優勢互補,天士力憑藉創新優勢將成為華潤建設創新中藥核心主體,公司進入新發展階段。公司研發管線豐富,即將進入收穫期。看好公司進入華潤體系後經營效率和盈利能力的提升潛力,基於研發和管線優勢,新產品將逐步獲批上市。首次覆蓋,給予“增持”投資評級。
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