大行评级|交银国际:首予三生制药“买入”评级 核心大单品长期空间可观

格隆汇
Jun 23, 2025

交银国际发表研究报告指,三生制药核心大单品长期空间可观,创新研发成果即将集中落地,首予该股“买入”评级,目标价27港元,对应20.7倍2025年市盈率(剔除707 BD首付款影响)和1.4倍2025年市盈增长率。 该行指,三生制药存量核心品种竞争格局良好,后续销售表现有望持续超预期,旗下的注射液特比澳为目前全球唯一获批CIT适应症的特异性升板药物,看好其持续替代IL-11类竞品的潜力。同时,中短期内仿制药上市可能性较小,定价压力有限,预计三生制药2024至2026年产品销售年均复合增长率(CAGR)有望达到11%,长期销售高峰将达70亿元。

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