国泰海通证券研报指出，安图生物国内业务短期承压，海外市场较快增长，产品线持续丰富，参考可比 公司估值，给予2026年PE 21X，给予目标价至44.94元，维持"增持"评级。预计公司化学发光仪器和流 水线装机顺利推进，随着行业政策逐步落地，行业生态趋于合理，进口替代进程加快，国内业务有望企 稳回升。预计随着海外产品注册推进和市场开拓，海外市场实现较快增长。近期，公司全自动基因测序 文库制备仪、腺病毒抗原检测试剂盒（胶体金法）、呼吸道合胞病毒抗原检测试剂盒（胶体金法）、甲 型/乙型流感病毒抗原检测试剂盒（胶体金法）、单纯疱疹病毒1+2分型核酸检测试剂盒（PCR-荧光探 针法）、甲氧基肾上腺素检测试剂盒（磁微粒化学发光法）、普通豚草过敏原特异性IgE抗体检测试剂 盒（磁微粒化学发光法）等14项新产品获得医疗器械注册证。新产品注册证的取得，进一步丰富公司产 品线，为后续增长奠定基础。 ...

国泰海通晨报 2025 年 11 月 27 日 国泰海通证券股份有限公司 研究所 [Table_ImportantInfo] 今日重点推荐 梁中华(分析师) 021-23219820 liangzhonghua@gtht.com S0880525040019 张剑宇(研究助理) 021-38674711 zhangjianyu@gtht.com S0880124030031 宏观专题：《弱就业、强增长》2025-11-26 美国经济进入"弱就业+强增长"组合： 低就业与强经济的反差是当前美国经济的底色。就业与增长脱节历史上十分罕见，主流机构预测 未来十年劳动力年均增长率仅为 0.3-0.5%，远低于近 5 年的 1.3%。随着越来越少的行业有就业增长， 低招聘与低裁员展现出"冻结"的劳动力市场，这一奇妙均衡的持续时间恐怕比预期要更长。 缘何"弱就业"： 市场关于就业放缓的原因众说纷纭，我们在此重点讨论：1）人工智能的发展是否对就业产生了替 代效应；2）企业在疫情期间的劳动力囤积行为对当前就业是否造成反噬；3）移民减少对就业的影响 如何；4）政府裁员对就业的拖累在多大程度得到体现；5）高利率环境对就业放缓的解释 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Views - The company's domestic business is under short-term pressure, while the overseas market is experiencing rapid growth. The product line continues to expand, justifying the "Accumulate" rating [2][13]. Financial Summary - Total revenue for 2023 is projected at 4,444 million, with a slight increase to 4,471 million in 2024, followed by a decrease to 4,121 million in 2025, and then a recovery to 4,619 million in 2026 and 5,180 million in 2027 [4]. - Net profit attributable to the parent company is expected to be 1,217 million in 2023, decreasing to 1,194 million in 2024, and further down to 1,059 million in 2025, before rising to 1,224 million in 2026 and 1,409 million in 2027 [4]. - Earnings per share (EPS) is forecasted to be 2.13 in 2023, decreasing to 2.09 in 2024, and 1.85 in 2025, with a recovery to 2.14 in 2026 and 2.47 in 2027 [4][14]. Market Performance - The current stock price is 37.20, with a target price set at 44.94, indicating potential upside [6][7]. - The company has a total market capitalization of 21,257 million [7]. Business Outlook - The company is expected to see a stabilization in domestic business as industry policies are gradually implemented, and the process of import substitution accelerates [13]. - The overseas market is anticipated to grow rapidly due to ongoing product registrations and market expansion efforts [13]. - The product line has been enriched with 14 new products recently obtaining medical device registration, laying a foundation for future growth [13].