金吾财讯 | 交银国际研报指，恒瑞医药（01276）1H26收入同比下降2%至154.6亿元，其中产品销售增长2%。创新药收入同比+16%，占药品总销售额比重升至63%，其中非肿瘤创新药销售收入同比+74%，肿瘤创新药增长2.6%，增速放缓主因成熟品种竞争加剧或竞品集采降价带来压力。仿制药收入同比下滑16%，主要受存量大品种地方集采的影响。扣非归母净利润同比-12.7%至37.3亿元。2H26-2027年可重点关注多款ADC和心血管品种数据读出，多个肿瘤、免疫、心血管创新项目即将进入全球III期开发。长期来看，公司进入以全球创新、AI及前沿技术为核心驱动的新阶段，年研发投入占营收比例长期维持在25-30%。蛋白稳态调控、双抗/多抗、特定细胞与组织靶向AFC等领域的平台已完成搭建。该机构基于2Q26业绩下调2026-28年净利润预测10-15%，至80.0亿/92.8亿/108.4亿元。该机构下调DCF目标价至57港元/54.6元人民币（600276），后续潜在升幅有限，当前估值合理，维持中性评级。
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