天士力创新驱动稳增长，华润赋能焕新生

申万宏源02-03

加入华润系，开启成长新篇章。创新中药起家，已形成现代中药、生物药、化学药协同发展的业务格局，拥有复方丹参滴丸、芪参益气滴丸、养血清脑丸/颗粒三大基药支柱产品。2025年3月27日，天士力完成股权过户，华润三九成为控股股东，对天士力规划为“以处方药为核心业务，以研发创新为核心驱动力，致力于成为医药市场领先者”。我们期待华润三九将借助其在管理、渠道、产业方面的资源，为公司进一步赋能，促进...

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，致力于成为医药市场领先者”。我们期待华润三九将借助其在管理、渠道、产业方面的资源，为公司进一步赋能，促进协同效应，提升天士力的竞争优势。深耕中药创新，心脑血管领域产品矩阵完备。在心血管领域，以复方丹参滴丸为核心，形成了贯穿心血管疾病预防、治疗及康复等各个环节的产品集群。复方丹参滴丸也在推进二次开发，糖尿病视网膜病变适应症在2021年已获批，目前在美国正在针对慢性稳定性心绞痛和急性高原综合症开展两项III期临床；芪参益气滴丸在治疗胸痹基础上，正在进行慢性心力衰竭和糖尿病肾病的二次开发，目前均处于II期阶段。在脑血管领域，围绕“脑血管”疾病树，形成了以养血清脑颗粒/丸为核心的产品矩阵。养血清脑丸也将神经精神领域适应症开始拓展至阿尔兹海默病，相关临床处于II期阶段。此外，围绕“疾病树”和“产品树”，聚焦心血管及代谢、神经/精神、消化三大核心领域，公司还有多个产品处于临床后期阶段，如治疗失眠的安神滴丸、针对痛风性关节炎的青木颗粒等。化药/生物创新药研发持续推进，普佑克开始价值兑现。普佑克是国内目前唯一获批上市的重组人尿激酶原产品，此前获批用于心梗溶栓治疗，2025年9月新增AIS的溶栓适应症，打开成长空间。其他创新化药、生物药稳步推进中，重点品种包括多款干细胞疗法产品、重组FGF21注射液、治疗的腓骨肌萎缩症1A型PXT3003等，随着管线进展，公司在创新化药、生物药上的价值将不断兑现。首次覆盖，给予“买入”评级。我们预计公司2025-2027年营业收入分别为85.35亿、88.96亿、93.70亿，同比增长0.4%、4.2%、5.3%，归母净利润分别为9.90亿、11.95亿、13.49亿，同比增长3.6%、20.6%、13.0%，对应2025-2027年PE分别为23x/19x/17x。采用PE估值法，可比公司2026年平均PE为24倍，得到公司2026年目标市值280.83亿，较最新市值有24%的上涨空间，因此首次覆盖，给予“买入”评级。风险提示：集采降价的风险；原材料涨价风险；药品研发失败的风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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