研報掘金丨長城證券:予人福醫藥“買入”評級,創新藥邁入產出期
長城證券研報指出,人福醫藥加快一類創新藥佈局,涵蓋化藥、中藥、生物製品三大類型,靶點聚焦腫瘤、鎮痛、自身免疫等高價值領域。2024 年年報和公吿顯示,公司共有在研一類新藥20項,已有9項進入臨牀Ⅱ期,其中重組質粒-肝細胞生長因子注射液靜息痛適應症進入註冊申報階段,標誌創新藥邁入產出期。公司已建立以武漢、宜昌為核心的創新藥平台體系,覆蓋早研、臨牀與註冊環節,平台化能力逐步完善。結合中期產品落地預期與業績成長空間,預計公司2025–2027年歸母淨利潤分別為23.09/25.97/29.13億元,對應當前股價的PE分別為16/14/12倍,給予“買入”評級。
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