研報掘金丨中信建投:維持華東醫藥“買入”評級,國內醫美即將進入產品收穫期
中信建投證券研報指出,華東醫藥2024年至今FRα-ADC(ELAHERE)、烏司奴單抗、ARCALYST等多款重磅產品已上市。站在目前時點,認為應重點關注:1)公司國內醫美即將進入產品收穫期,海外醫美調整後有望煥發新動力;2) 醫藥工業板塊多款自研品種(例如單靶口服GLP-1、三靶點GLP-1、ROR1 ADC 、PROTAC 、PDL1/VEGF/TGF-β三抗)的研發進展,我們預計在25H2到2026年將為公司帶來豐富催化;3)25年政府工作報吿提出“優化藥品集採政策”,後續落地將為公司工業板塊傳統品種帶來優化提升。同時25年5月,公司表示將做好創新產品的對外授權相關工作,公司對後續達成license-out合作抱有信心,我們建議積極關注相關催化。維持“買入”評級。
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