核药增速快，脓毒症STC3141有望成为全球大药

2025E2026E2027E12,20313,29214,6634.808.9210.312,0762,4222,764(15.88)16.6314.150.700.580.680.7814.4812.4110.88 东吴证券研究所1/282025年06月25日证券分析师朱国广执业证书：S0600520070004zhugg@dwzq.com.cn证券分析师刘若彤执业证书：S0600525040006liurt@dwzq.com.cn收盘价(港元)8.68一年最低/最高价4.04/10.201.87港股流通市值(百万港30,810.28每股净资产(港元)4.64资产负债率(%)33.88总股本(百万股)3,549.57流通股本(百万股)3,549.572024/10/242025/2/222025/6/23远大医药恒生指数 股价走势市场数据市净率(倍)基础数据相关研究-11%2%15%28%41%54%67%80%93%106%2024/6/25 元) 内容目录1.远大医药：核药领域增速突出，五官科和呼吸及危重症领域多款大单品有望近期上市..........52.核药抗肿瘤领域：以钇[Y90]为核心商业化品种，推进RDC产研一体化..................................82.1.核药行业快速发展，通过并购整合乘风起.............................................................................82.2.钇[Y90]针对肝转移痛点，经前期学术和商保积累，进入商业化放量.............................102.3. RDC管线研发+甲级生产基地，整合产研一体化................................................................133.制药科技板块：原有品种已过密集集采期，脓毒症、眼科等新产品放量空间大....................153.1.呼吸及危重症领域：切诺、双恩粉雾剂、鼻喷剂形成高度协同.......................................153.2.呼吸及危重症领域：脓毒症STC3141有望成为全球大药，关注临床研发至上市进度及海外授权进展...................................................................................................................................173.3.五官科领域：术后抗炎镇痛、翼状胬肉、干眼症、蠕形螨睑缘炎等多管线并进...........193.4.心脑血管急救领域：集采影响出清，收并购丰富管线宽度...............................................204.生物科技板块：氨基酸及牛磺酸产能规模位居世界前列............................................................215.心脑血管精准介入板块....................................................................................................................226.盈利预测与投资评级........................................................................................................................246.1.盈利预测...................................................................................................................................246.2.投资评级...................................................................................................................................257.风险提示............................................................................................................................................26 请务必阅读正文之后的免责声明部分东吴证券研究所2/28 图表目录图1：远大医药历史发展历程...............................................................................................................5图2：远大医药股权结构稳定（截至24年年报）.............................................................................6图3：远大医药拥有多个核心技术平台...............................................................................................6图4：公司营业收入（亿港元）及增速...............................................................................................7图5：公司归母净利润（亿港元）及增速...........................................................................................7图6：公司各板块营收占比（标注为销售收入/亿港元）.................................................................7图7：公司销售毛利率及净利率...........................................................................................................7图8：公司四大费用率...........................................................................................................................8图9：公司分红现金总额（亿港元）...................................................................................................8图10：全球核药市场规模（亿美元）.................................................................................................9图11：中国核药市场规模（亿元）.....................................................................................................9图12：钇[Y90]微球注射液产品示意图.............................................................................................10图13：钇[Y90]微球微创介入治疗示意图.........................................................................................10图14：肝是恶性肿瘤常见转移部位...................................................................................................11图15：肝细胞癌分期及生存期...........................................................................................................11图16：结直肠癌和肝癌的发病率死亡率高.......................................................................................11图17：肝转移是结直肠癌治疗难点...................................................................................................11图18：肝癌发病率和死亡率分别位列第六和第三...........................................................................12图19：中国肝癌临床分期和治疗指南...............................................................................................12图20：核药板块销售额(亿港币)........................................................................................................13图21：钇[90Y]多维度赋能加速商业化放量.....................................................................................13图22：Telix公司治疗性核药后期管线.............................................................................................14图23：ITM公司核药管线..................................................................................................................14图24：公司已获甲级辐安证...............................................................................................................15图25：公司成都温江核药基地...........................................................................................................15图26：阻塞性气管疾病吸入剂市场规模...............