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復星財富控股:艾美疫苗(6660.HK)創新產品驅動價值重估 首予“買入”評級目標價11港元
格隆匯 02-14 08:30
復星財富控股發研報指,綜合考慮艾美疫苗(6660.HK)強大的研發實力、技術領先優勢以及國際市場拓展潛力,鑑於其強勁的增長前景和具有吸引力的估值,首次覆蓋並給予其“買入”評級,目標價11港元,較2025年2月12日收盤價存在100%的上升空間。研報認為,艾美疫苗作為中國疫苗行業的領軍企業,憑藉全產業鏈佈局和卓越的研發、生產及商業化能力,持續鞏固市場領先地位。公司現已構建起多元化的產品矩陣,擁有五大創新疫苗技術平台、四大生產基地,併成功實現八款疫苗產品的商業化。此外,艾美疫苗覆蓋中國31個省份的完善營銷網絡,向巴基斯坦、塔吉克斯坦等國家的成功出口展現出強勁的國際拓展潛力。公司豐富的研發管線涵蓋22個疫苗候選產品,針對13個疾病領域,全面覆蓋全球主流疫苗品類。展望未來,公司核心產品(乙肝疫苗和狂犬病疫苗)預計將在2025年進入穩定增長期,而新一代創新產品(包括無血清狂犬病疫苗、13價肺炎球菌結合疫苗等)未來2-3年的集中上市,將驅動公司實現跨越式發展和價值重估。復星財富控股預測2024-2027年公司收入複合年增長率將達到47%,預計2025年實現盈虧平衡,2027年淨利潤有望突破15.2億元人民幣。
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