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仙琚制药业务条线代表性事件演进历程

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所属报告：

仙琚制药-公司首次覆盖报告：甾体激素一体化龙头集采风险出清重塑稳健增长趋势-250226（26页）.pdf

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1 集采扰动风险出清，业绩拐点已现有望逐步回升 ...................................................................................................... 3 1.1 深耕甾体激素领域，充分发挥原料药及制剂一体化优势 ........................................................................................................... 3 1.2 核心产品集采风险出清，业绩重回增长通道 ................................................................................................................................ 4 2 制剂：集采风险落地出清，复杂难仿制剂放量在即 ................................................................................................... 6 2.1 高基数产品集采业绩低点已过，看好低基品种集采放量&特色单品爬坡带来的业绩增长 ................................................. 6 2.2 高端复杂制剂成长可期，业务中长期逻辑有望逐步兑现 ........................................................................................................... 9 3 原料药：杨府厂区产能释放有序推进，高端市场扩张未来可期 ............................................................................... 18 3.1 原料药板块：三大生产基地协同发展，进军规范市场有望打开成长天花板 ....................................................................... 18 3.2 自营：杨府产能处于释放阶段，规范市场放量可期 ................................................................................................................. 18 4 盈利预测与投资建议 ............................................................................................................................................. 21 4.1 盈利预测假设与业务拆分 ............................................................................................................................................................... 21 4.2 估值分析 ............................................................................................................................................................................................ 21 4.3 投资建议 ............................................................................................................................................................................................ 22 5 风险提示 .............................................................................................................................................................. 23 插图目录 .................................................................................................................................................................. 25 表格目录 .................................................................................................................................................................. 25 1 集采扰动风险出清，业绩拐点已现有望逐步回升 1.1 深耕甾体激素领域，充分发挥原料药及制剂一体化优势甾体激素产业链龙头，深耕妇科、麻醉、呼吸三大制剂板块。仙琚制药有限责任公司（后续简称“公司”或“仙琚”）始建于 1972年，自成立以来深耕于甾体激素产业，当前公司已成为甾体激素原料药和制剂一体化的龙头厂商。经过 50余年的发展，公司当前共拥有杨府、临海川南和意大利子公司三个主要的制剂/原料药生产基地，且基于持续累积的原料药自产优势，公司持续向下游制剂产业纵向拓展，至今已形成涵盖了妇科、麻醉肌松、呼吸科、皮肤科等方向的制剂产品盘。

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