金吾财讯 | 华泰证券发布研报，首次覆盖和黄医药(00013)。该行认为，公司营收将在呋喹替尼海外放量的驱动下持续走高，同时受益未来12个月内的持续催化剂兑现，公司的海外竞争力则为其长期成长动力。首次覆盖和黄医药并给予港股和美股“买入”评级。
该行指，公司是国内少有自主推动全球临床的biotech，其能力已经呋喹替尼的海外注册临床FRESCO-2研究验证。商业化方面，公司与多家MNC达成BD，其中呋喹替尼在武田销售下在海外快速放量。公司依托持续提升的商业化能力和良好竞争格局，推动成熟品种销售快速增长。
该行预测，公司24-26年营收6.78/8.27/10.01亿美元，归母净利润(0.2)/0.5/1.3亿美元，对应EPS(0.03)/0.05/0.14美元，基于DCF的港/美股目标价27.92港币/18.29美元（WACC=11.2%，永续增长率=2.0%，1ADR=5.10股普通股）。
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