智通财经APP获悉，招银国际发布研报称，受益于国内药品价格政策优化、国内宏观环境改善，以及创新药和器械出海持续增长，内地医药行业有望在2025年继续迎来估值修复。丙类医保目录年内即将落地，创新药将获得更好的支付环境。医疗设备招标加速复苏，将推动国产医疗设备企业盈利复苏。推荐买入信达生物(01801)、百济神州(06160)、三生制药(01530)、巨子生物(02367)、药明康德(02359)、科伦博泰生物-B(06990)。
报告指出，该行统计了A股和港股上市的142家医药公司2024年业绩情况，行业整体增长疲弱，平均收入增长4.2%，平均净利润增长1%，毛利率和净利率同比基本持平。由于医保控费的影响，企业回款周期拉长，行业平均应收天数大幅增加，平均增加4.2天，经营现金流平均同比下降8.9%。
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