抗生素龙头企业,掘金动保及代谢领域联邦制药覆盖抗感染、糖尿病、动保、眼科等业务领域。公司抗生素中间体及原料药板块近些年盈利能力显著提升;胰岛素系列产品受集采影响保持稳定,其中门冬胰岛素实现快速放量;动保业务,通过与牧原食品等集团化客户合作,打通产业链上下游,动保业务实现快速增长。展望未来,公司抗生素领域竞争格局稳定;糖尿病领域众多产品陆续上市;动保板块供需共振。考虑公司代谢领域产品陆续获批、动保...
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