金吾财讯 | 太平洋证券发研指，先声药业(02096)神经专科制药龙头地位稳固——先必新注射液于2020年获批上市后销售额快速增长，2020-2023年CAGR达749.9%；凭借较好的疗效和安全性，新一代DORA类失眠药上市后销量均出现快速增长：苏沃雷生（默沙东）2020年销售额高达3.3亿美元，莱博雷生（卫材）2023年销售额已超过苏沃雷生达2.6亿美元，达利雷生（Idorsia）正处于快速放量阶段。
该行表示，公司近年来多款创新药密集获批上市，创新药收入占比快速提升，业绩有望持续稳健增长。与可比公司相比，公司当前位置估值较低，随着业绩逐步提升，估值有望得到修复。预计公司2024-2026年营业收入为67.76/76.54/87.11亿元，同比增速为2.55%/12.96%/13.80%；归母净利润为9.73/12.07/15.04亿元，同比增速为36.07%/24.15%/24.58%。对应EPS分别为0.39/0.49/0.60元，对应当前股价PE分别为16/13/10倍。首次覆盖，给予“买入”评级。
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