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研報掘金丨民生證券:首予健友股份“推薦”評級,製劑業務、海外業務佔比持續提升
格隆匯 03-20 17:38
民生證券研報指出,健友股份(603707.SH)是全球最大的肝素原料藥和製劑供應商之一,有超過80個製劑品種在60多個國家和地區開展業務。公司持續加大研發投入,向高端製劑方向轉型,製劑業務銷售額及營收佔比呈上升趨勢,2023年佔比已超七成,體現了公司從傳統原料藥供應商到國際無菌注射劑企業的成功轉變。公司在美國擁有成熟的研發、質量、註冊、銷售團隊,擁有 ANDA批件數量位居國內同類公司首位,截至2023年末公司在美國市場已有超過50個產品運行,成為美國注射劑銷售管線最完整的供應商之一。同時,公司持續推進20多個國家市場的產品註冊與銷售拓展工作,為參與全球藥品市場競爭奠定基礎。公司轉型高端製劑,製劑業務佔比及海外業務佔比持續提升,預計海外製劑業務增長將拉動公司整體業績增長,首次覆蓋,給予“推薦”評級。
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