Tiger Brokers

【券商聚焦】交银国际维持先声药业（02096）买入评级 指新品集中上市及全球化提速支撑估值修复

金吾财讯
8 hours ago

金吾财讯 | 交银国际研报指，先声药业（02096）1H26收入和经调整净利润分别增长27.8%/48.7%，其中创新药收入+34%至39亿元，对总收入的贡献升至85%。分产品线看：1）神经线收入+61%，先必新注射剂纳入基药目录、舌下片争取医保覆盖；科唯可管理层指引首年销售7亿元、峰值销售超40亿元。2）肿瘤线科赛拉、恩立妥、恩泽舒增速均超80%，多个新适应症和三代ALK有望于2H26-2027获批。3）自免线艾得辛虽未中标集采，但公司目标维持约50%市场份额。IL-4R和外用JAK1/JAK2凝胶预计2027 年商业化，缓解艾得辛竞争压力。1H26毛利率升至83.3%，经调整净利润+49%至9.6亿元。公司维持全年收入100亿元的指引，经调整净利润指引从16亿上调至18亿元。研发推动梯级产品体系快速成型：1）5款成熟品种构成基本盘；2）5款新上市品种有望合计贡献80亿元峰值，2026-28年再上市8款新品种，构成中期成长的核心动力；3）下一代TCE/多抗、IO 2.0等技术平台有望推进8-10个新分子进入临床，叠加神经、自免管线，长期产品迭代潜力充足。该机构上调2026-28年经调整净利润预测，以反映对神经线和先诺欣等产品销售和利润率更乐观的预期。该机构将DCF模型向前滚动至2027 年，得到最新目标价20港元。维持买入评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10