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研報掘金丨開源證券:維持華東醫藥“買入”評級,創新管線步入收穫期
開源證券研報指出,華東醫藥(000963.SZ)聚焦慢病、腫瘤以及免疫等領域,覆蓋醫藥工業、醫藥商業、醫美、工業微生物四大業務板塊,不斷優化產品結構,實現從仿製向創新方向轉變。子公司中美華東核心產品市場銷量繼續保持穩定增長,佔有率穩步提升;醫美板塊,子公司Sinclair 不斷釋放成長潛能;創新管線,公司差異化佈局ADC和PROTAC賽道,並在降糖減重等代謝領域,全面佈局口服小分子、雙靶點及三靶點,創新管線步入收穫期,預計2025-2027年歸母淨利潤爲40.61、47.16、55.37億元,EPS爲2.32/2.69/3.16元,對應PE爲16.3/14.0/11.9倍,維持公司“買入”評級。
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