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《大行》招商證券:首次覆蓋聯邦製藥(03933.HK) 予「強烈推薦」評級 創新藥後續管線豐富
阿思達克 09-18 11:57
招商證券發表研究報告指出,聯邦製藥(03933.HK)認為公司主業抗生素有望逐步企穩,胰島素、動保持續開拓增長新曲線,創新加速發展,成長空間廣闊。創新藥方面,公司三靶點GLP-1激動劑UBT251海外權益成功授權諾和諾德,有望持續貢獻催化,後續減重管線中長效PYY類似物、口服GLP-1小分子早期數據優異,有出海潛力,建議關注。 該行認為,公司中間體原料藥具有龍頭地位、競爭格局穩定,短期受需求減弱而承壓;又認為行業競爭格局穩固,聯邦為青黴素絕對龍頭,隨著需求趨穩,有望企穩回升。 招商證券預計公司2025至2027年分別實現收入133.5億、127.7億、139.3億元,實現歸母淨利潤分別為25.9億、23.4億、25.2億元,分別對應11倍、12倍、11倍市盈率,予該股首次覆蓋,予「強烈推薦」評級。
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