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以岭药业凭借其扎实的研发积淀和清晰的管线布局，已经不再是传统意义上的中药企业，而是一家真正具有现
若以分部估值视角看：-成熟业务年利润约16亿对应15倍PE，即240亿市值.appendQr_w
估值，该换一套模型了拥有创新药+出海双重buff的以岭，在中报上已经看得到业绩汇报。.appen
然而，当前市场给以岭的估值，仍很大程度上沿用传统中药PE框架，却鲜少对其研发管线给予溢价。往回看
研发不是烧钱，是蓄力
往前看：以岭药业创新循环是可持续的，每年研发1-2个新品种，即使放在化药Biotec
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