研報掘金丨東吳證券:維持博瑞醫藥“買入”評級,大股東定增彰顯信心
東吳證券研報指出,博瑞醫藥本次修訂稿無太大變化,依然由董事長袁建棟先生全額現金認購,募資目的仍為補充流動資金和償還銀行貸款。但鎖定期由先前的36個月變更為48個月,大股東定增彰顯信心。注射劑數據珠玉在前,口服同樣具備BIC潛力。認為由於BGM0504注射液已經顯現優越療效,相同分子的BGM0504 片同樣具備成為BIC的潛力。博瑞的BGM0504口服劑型已於日前獲CDE受理IND申請,預計年內將獲批進入臨牀階段。截至2025年7月,公司BGM1812處在臨牀前階段。考慮到BGM0504注射液已處在3期臨牀、BGM0504片劑和BGM1812注射液即將進入臨牀階段,這部分估值尚未完全打入,維持“買入”評級。
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