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瑞信下调中国中药(0570.HK)目标价至4.81港元净利润率跌
格隆汇 08-21 13:21

瑞瑞信报告指中国中药(00570.HK)上半年收入达到69.37亿元人民币,按年增长27%。纯利录8.59亿元人民币,按年升13%,符合管理层的指引。

期内,中药配方颗粒、成药、中药饮片的净利润率分别按年下跌1.1个百分点、4.4个百分点及0.7个百分点,主要是由於销售成本提升所致。公司重申早前对2019财年净收入预测,即增长大约15%至17%,并维持其全年派息比率不低於30%。

瑞信维持公司“跑赢大市”投资评级,目标价由原来的5.09港元下调至4.81港元,认为其业务在目前不利的政策下具防守性,而其现时的交易价格低于同业,因此具有吸引力。该行将公司2019及2020年的纯利预测分别下调1.9%及3%,以反映中药饮片收入增长放缓及持续的毛利率压力。

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