长城证券研报指出,人福医药加快一类创新药布局,涵盖化药、中药、生物制品三大类型,靶点聚焦肿瘤、镇痛、自身免疫等高价值领域。2024 年年报和公告显示,公司共有在研一类新药20项,已有9项进入临床Ⅱ期,其中重组质粒-肝细胞生长因子注射液静息痛适应症进入注册申报阶段,标志创新药迈入产出期。公司已建立以武汉、宜昌为核心的创新药平台体系,覆盖早研、临床与注册环节,平台化能力逐步完善。结合中期产品落地预期与业绩成长空间,预计公司2025–2027年归母净利润分别为23.09/25.97/29.13亿元,对应当前股价的PE分别为16/14/12倍,给予“买入”评级。
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