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研報掘金丨長江證券:維持華熙生物“買入”評級,醫美業務調整後已步入良性發展軌道

長江證券研報指出,華熙生物(688363.SH)2024年實現歸母淨利潤1.7億元,同比下滑70.6%;2025Q1實現歸母淨利潤1.0億元,同比下滑58.1%。公司着眼於整體資源使用效率,推動內部全面的管理變革,醫美業務調整後已步入良性發展軌道,新品潤致格格、潤致斐然有望接力增長,推動收入及利潤改善。認爲公司原料業務市場地位穩固且空間廣闊,醫美業務對整體業務的貢獻正逐步提升,期待後續皮膚科學創新轉化業務梳理完成,中長期高質量發展仍然值得期待。預計2025-2027年 EPS分別爲0.95、1.33、1.67元/股,維持“買入”評級。

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