联邦制药(3933.HK):GLP-1重磅交易落地 关注后续临床进展

中信建投证券
30 Mar

核心观点公司2024 年整体业绩表现符合此前预期,中间体及原料药业务表现稳健,海外出口稳定,制剂业务主要受到集采带来的产品价格调整因素影响,表现略有波动,但结构亮点突出,动保增长势头良好。三靶点GLP-1 重磅交易达成,总价值最高20 亿美元。分红派息保持高比例,持续回馈股东。展望未来:1)GLP-1 等管线持续推进,关注临床进展;2)动保业务新产能25 年投放在即;3)中间体原料药预计稳健经营。...

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