金吾财讯 | 兴业证券研报指，翰森制药(03692)发布2024年年报，2024年实现收入122.61亿元，同比增长21.3%，其中药品销售收入106.88亿元，同比增长13.7%；研发支出约27.02亿元，同比增长28.8%，占收入比例约22.0%；溢利43.72亿元，同比增长33.4%。该行指，公司核心商业化创新药品种保持快速增长，多个重点产品进入注册临床阶段，有望后续接力。自研与BD双轮驱动，不断丰富管线布局。另外，国际化布局提升管线价值。该行续指，公司创新药收入占比高，驱动业绩保持快速增长，自主研发以及BD双轮驱动，早期管线布局丰富，同时积极进行国际化布局，打开海外市场想象空间。该行预计2025年至2027年收入分别为135.37亿元、155.11亿元、178.80亿元，归母净利润分别为44.34亿元、50.23亿元、57.23亿元。对应2025年5月2日收盘价，PE分别为30.77x、27.16x、23.83x，上调至“买入”评级。
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