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國金證券:港股創新藥的“估值擴張彈性、空間”或強於A股
格隆匯 04-06 10:42
國金證券研報認為,AI賦能之下,研發週期縮短、成本下降、效率提升等,均將從中期維度提振創新藥企的IRR水平,板塊或將有望迎來新的成長邏輯。全球醫藥產業投融資活動回暖,有利創新藥企融資現金流改善,在行業投融資週期的顯著上行階段,創新藥板塊在資本市場上的表現往往都較為出色。靜待財政發力,創新藥企業存在毛利率修復空間,一方面,“丙類目錄”為代表的行業政策發佈在即或是板塊估值和情緒修復的重要催化,另一方面,“社保注資”或是財政發力的選項之一,從而能夠減輕醫保支付壓力,帶動基本醫療保險支出增速持續回暖,創新藥板塊的營收增速將有望迎來向上拐點,毛利率亦有望修復。港股創新藥的“估值擴張彈性、空間”或強於A股。
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