Tiger Brokers

【券商聚焦】中国银河：医药行业进入复苏周期 CXO板块景气度较高

金吾财讯
May 08

金吾财讯 | 中国银河证券表示，2025年医药行业上市公司营业收入增长0.4%，归母净利润增长3.9%，扣非净利润下降4.1%，2026年一季度营业收入增长1.1%，归母净利润下降3.2%，扣非净利润增长2.0%。2025全年医药行业收入端小幅微增，主要系医保控费趋严，仿制药、耗材等集采常态化开展导致行业承压。利润端表现优于收入端，得益于创新药产业链高景气度带动CXO订单回暖，业绩加速兑现贡献利润增量；同时部分创新药产品上市放量，高毛利创新资产推动利润增长，一定程度对冲仿制药业务下滑。2026年一季度创新药产业链高景气度延续，收入增幅扩大、非经常性损益占比下降，行业整体经营盈利能力提升，进入复苏上行周期。创新药企业扭亏加速，多重利好驱动价值回归。2025全年多家创新药企业核心产品持续商业化放量，其中泽布替尼、伏美替尼等大单品销售超预期；利润端扭亏加速，百济神州、信达生物等创新药龙头率先盈利。该机构在A股、港股分别选取的创新药代表性公司，2025年合计营收分别增长37.74%、24.31%，利润端实现扭亏为盈。从中长期角度来看，创新药产业链支持政策进一步完善，“新兴支柱产业”定位提升想象空间，BD出海热度持续攀升，多重利好驱动创新药企业价值重构。

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