金吾财讯 | 交银国际研报指，先声药业(02096)2025年收入和经调整净利润分别同比增长16.5%/27.1%至77.3亿/12.8亿元（人民币，下同），其中授权许可收入4.66亿元，剔除该影响后的产品收入增速为9.5%。管理层预计，2026年将有IL-4R和流感药两款新产品获批上市、叠加与BI的合作4,200万欧元首付款确认收入，驱动收入和经调整净利润达到100亿/16亿元左右，对应约30%的增速。该机构指，2025年，公司神经线产品和对外授权许可对业绩增速形成较好支撑。叠加肿瘤线医保覆盖扩大、自免线和其他领域新品种上市，该机构预计高增长趋势将延续至2026-27年，预计2025-27年主业经调净利润CAGR达到24%，并看好新技术平台的更多重磅BD潜力。综合BD收入对业绩的增厚及新品放量节奏，该机构上调202627年盈利预测、上调目标价至17.7港元（原16.4港元），对应29倍/1.2倍2026年市盈率/PEG（剔除BD影响）。维持买入和行业重点推荐。
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