---
title: "《大行》高盛下调联邦制药销售及盈利预测 目标价上调至 16.07 元"
description: "高盛下调联邦制药 2023 至 2027 年销售预测 17.7% 至 17.8%，盈利预测下调 28.4% 至 35.6%。预计未来两年抗生素活性药物成分价格疲软，但胰岛素产品销售预估上调 27% 至 30%。目标价由 15.29 元上调至 16.07 元，评级为「中性」。上半年销售额按年升 5% 至 75 亿元人民币，核心业务收入按年跌 15% 至 61 亿元人民币，低于预期，盈利按年升 27%"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/255710490.md"
published_at: "2025-09-03T03:50:30.000Z"
---

# 《大行》高盛下调联邦制药销售及盈利预测 目标价上调至 16.07 元

> 高盛下调联邦制药 2023 至 2027 年销售预测 17.7% 至 17.8%，盈利预测下调 28.4% 至 35.6%。预计未来两年抗生素活性药物成分价格疲软，但胰岛素产品销售预估上调 27% 至 30%。目标价由 15.29 元上调至 16.07 元，评级为「中性」。上半年销售额按年升 5% 至 75 亿元人民币，核心业务收入按年跌 15% 至 61 亿元人民币，低于预期，盈利按年升 27% 至 19 亿元人民币。

高盛下调联邦制药 (03933.HK) 今年至 2027 年销售预测 17.7% 至 17.8%，盈利预测下调 28.4% 至 35.6%，预计未来两年抗生素活性药物成分价格周期疲软，高利润率胰岛素产品销售预估上调 27% 至 30%，受惠出口带来的增量销售。

该行上调对该股目标价，由 15.29 元上调至 16.07 元，评级「中性」。该行指，公司上半年销售额按年升 5% 至 75 亿元人民币，核心业务收入按年跌 15% 至 61 亿元人民币，低於该行预期的 65 亿元人民币，盈利按年升 27% 至 19 亿元人民币，核心盈利下降并低於该行预期，该行指，公司中间体及散装药品毛利率侵蚀，业务拓展谘询费用导致的行政费用增加。

### Related Stocks

- [03933.HK - 联邦制药](https://longbridge.com/zh-CN/quote/03933.HK.md)

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