Tiger Brokers

华安证券：维持绿叶制药(02186)“买入”评级 看好公司全球化销售平台能力

智通财经
Sep 29

智通财经APP获悉，华安证券发布研报称，维持绿叶制药(02186)“买入”评级，暂不考虑潜在BD交易对收入的影响，预计2025-2027年绿叶制药营业收入分别为63.16亿元、74.73亿元、90.76亿元，同比增长分别为4%、18%、21%;预计2025-2027年归母净利润为6.06亿元、7.77亿元、9.90亿元，同比增长分别为29%、28%、27%，对应估值分别为22X、17X、14X。该行看好公司全球化销售平台能力，CNS领域FIC/BIC管线。

报告引述公司2025年半年报，报告期内实现营业收入31.81亿元，同比+3.46%;归母净利润3.13亿元，同比-19.33%。归母净利润下滑是由于去年同期高基数所致，预计全年维持稳步增长。上半年，公司整体毛利率为67.83%，同比+0.23个百分点;期间费用率66.12%，同比-0.75个百分点;其中研发费用率6.08%，同比-3.06个百分点;销售费用率32.03%，同比+4.36个百分点;行政费用率9.92%，同比0.51个百分点;财务费用率10.64%，同比+1.6个百分点。费用合理浮动，ERZOFRI美国上市、若欣林进入国家医保目录，公司销售费用有一定提高，有利于新产品高速放量，新产品销售占比不断提升。

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