研報掘金丨華鑫證券:予衆生藥業“買入”評級,業績增長恢復,關注GLP-1的對外授權
華鑫證券研報指出,衆生藥業2025年上半年淨利1.7-2.1億元,同比增長94.49%–140.25%,主要原因是2024年同期非經常性損益項目的影響。扣非淨利預計增長3.64%–26.67%,複方血栓通膠囊在2024年已在全國多省完成執行,業績影響逐步減弱。5月23日公司一類創新藥物昂拉地韋片正式批準上市,昂拉地韋片全球首款流感RNA聚合酶PB2蛋白抑制劑,適用於成人單純性甲型流感患者的治療。昂拉地韋片預計將參加2025年醫保談判,針對兒童開發的昂拉地韋顆粒,二期臨牀試驗結果理想,未來昂拉地韋系列有望成爲公司新的業績增長點。另外,GLP-1雙靶點藥物三期臨牀推進迅速,RAY1225具備出海授權潛力,給予“買入”投資評級。
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