---
title: "浙商證券：上調以嶺藥業 “買入” 評級，未來業績有望持續向好"
description: "浙商證券上調以嶺藥業評級至 “買入”，預計未來業績將持續向好。公司前三季度實現歸母淨利潤 10 億元，Q3 淨利潤 3.32 億元，業績略超預期。預計 2026 年毛利率將因中藥材價格下降和產品毛利率修復而提升，淨利潤增速將超越收入增速。考慮到渠道庫存恢復正常，未來業績有望穩健增長。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/263438007.md"
published_at: "2025-10-30T06:44:30.000Z"
---

# 浙商證券：上調以嶺藥業 “買入” 評級，未來業績有望持續向好

> 浙商證券上調以嶺藥業評級至 “買入”，預計未來業績將持續向好。公司前三季度實現歸母淨利潤 10 億元，Q3 淨利潤 3.32 億元，業績略超預期。預計 2026 年毛利率將因中藥材價格下降和產品毛利率修復而提升，淨利潤增速將超越收入增速。考慮到渠道庫存恢復正常，未來業績有望穩健增長。

浙商證券研報指出，以嶺藥業前三季度實現歸母淨利潤 10.00 億元，單 Q3 實現歸母淨利潤 3.32 億元，業績略超預期，中藥研發順利推進。2025 年前三季度經營業績實現較好恢復性增長，看好全年穩健向前。展望 2026 年，受益於中藥材價格下降、呼吸系列產品毛利率修復和持續提質增效，我們預計公司毛利率有望持續提升，帶動淨利潤增速持續超越收入增速。考慮到公司渠道庫存已基本恢復至正常水平，利潤率修復，未來業績有望持續向好，疊加公司獨有的絡病理論指導下的專利新藥研發和學術營銷推廣模式，給予 2026 年 23xPE，上調至 “買入” 評級。

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