---
title: "浙商证券：上调以岭药业 “买入” 评级，未来业绩有望持续向好"
description: "浙商证券上调以岭药业评级至 “买入”，预计未来业绩将持续向好。公司前三季度实现归母净利润 10 亿元，Q3 净利润 3.32 亿元，业绩略超预期。预计 2026 年毛利率将因中药材价格下降和产品毛利率修复而提升，净利润增速将超越收入增速。考虑到渠道库存恢复正常，未来业绩有望稳健增长。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/263438007.md"
published_at: "2025-10-30T06:44:30.000Z"
---

# 浙商证券：上调以岭药业 “买入” 评级，未来业绩有望持续向好

> 浙商证券上调以岭药业评级至 “买入”，预计未来业绩将持续向好。公司前三季度实现归母净利润 10 亿元，Q3 净利润 3.32 亿元，业绩略超预期。预计 2026 年毛利率将因中药材价格下降和产品毛利率修复而提升，净利润增速将超越收入增速。考虑到渠道库存恢复正常，未来业绩有望稳健增长。

浙商证券研报指出，以岭药业前三季度实现归母净利润 10.00 亿元，单 Q3 实现归母净利润 3.32 亿元，业绩略超预期，中药研发顺利推进。2025 年前三季度经营业绩实现较好恢复性增长，看好全年稳健向前。展望 2026 年，受益于中药材价格下降、呼吸系列产品毛利率修复和持续提质增效，我们预计公司毛利率有望持续提升，带动净利润增速持续超越收入增速。考虑到公司渠道库存已基本恢复至正常水平，利润率修复，未来业绩有望持续向好，叠加公司独有的络病理论指导下的专利新药研发和学术营销推广模式，给予 2026 年 23xPE，上调至 “买入” 评级。

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