金吾财讯 | 交银国际发研报指，根据先声药业(02096)发布的2024年全年盈利预告，公司预计实现收入66.20-66.50亿元（人民币，下同），同比增幅在0.2-0.6%之间，基本符合该行此前的预期；全年实现净利润7.18-7.48亿元，同比增长约0.4-4.6%。全年经调整净利润表现高于该行的预测8-11%，达到约10.03-10.33亿元，同比增幅达到39.5-43.7%，大幅增长主要归因于创新药收入占比提升带来的毛利润上升。该行预计公司将逐步从过去两年的行业波动中复苏，未来业绩增长主要驱动力来自：1）先必新循证医学证据、指南推荐级别和医院覆盖不断加强，新剂型舌下片上市后，治疗场景有望进一步扩大，公司对于针剂+舌下片的销售峰值指引达55亿元；2）科赛拉2024年底医保谈判成功，被首次纳入医保目录，预计年销售将快速爬升至5亿元以上；3）未来一年，公司还将上市苏维西塔单抗、达利雷生，合计销售峰值有望超30亿元；4）经营杠杆效应放大，费用率持续改善。该行维持买入评级和10.00港元目标价。
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