研报掘金丨华源证券：首予福元医药“买入”评级，仿制药基本盘稳健，小核酸打开成长天花板

Core Viewpoint - Huayuan Securities report indicates that Fuyuan Pharmaceutical has a solid foundation in generic drugs, while small nucleic acids open up growth potential [1] Group 1: Generic Drugs - The company maintains a stable foundation in generic drugs, which is expected to continue providing stable cash flow [1] - The upcoming nationwide unified procurement for 1-8 batch collection varieties is anticipated to sustain volume for already awarded varieties, while unawarded varieties may have marginal recovery potential [1] - The 11th batch of new awarded varieties in procurement is expected to contribute incremental growth to the generic drug business [1] Group 2: Small Nucleic Acid Innovation - In recent years, the company has accelerated its layout in small nucleic acid innovative drugs, which is expected to open up long-term growth space [1] - The company adheres to a "combination of generic and innovative" research and development strategy, proactively entering the small nucleic acid sector [1] - Research and development expenses are projected to increase from 180 million yuan in 2021 to 417 million yuan in 2024, indicating a commitment to innovation [1] Group 3: Financial Position - The company has ample cash reserves and stable operating cash flow, enabling it to fund the transition to innovative drugs with its own capital [1] - Given the solid foundation in generic drugs, the long-term growth potential of small nucleic acid innovative drugs, and abundant cash on hand, the company is rated as a "buy" for the first coverage [1]