华泰证券发表研究报告指，先声医药(02096.HK) 多款重磅新药陆续进入商业化兑现期，其中达利雷生已在6月获中国药监局核准治疗失眠，作为可改善日间功能、安全性优秀且无成瘾性的新型失眠药物，其可望填补长期治疗方案空缺。
此外，IM0500、SIM0505已在上半年实现对外授权，早期多个前沿创新管线崭露头角，预计在未来12个月内持续取得进展。公司多款ADC、双抗早期品种展现全球竞争力，看好其持续的BD出海。
该行指出，由于达利雷生获批，不需再作成功率假设，基于良好推广情况，上调先声医药核心创新药收入，并基于竞争下调仿制药收入，降公司2025至27年各年经调整净利润预测3%、6%及12%，分别至11.7亿、13亿及14.8亿元人民币，期内复合年增长率为12%，期内每股盈测分别为0.47元、0.52元及0.6元。该行维持公司“买入”评级，并上调估值基础至预测今年市盈率28.24倍，目标价由原先10.52元升至14.65元。(sl/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-27 16:25。)
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