《大行報告》瑞信下調中國中藥(00570.HK)目標價至4.41元 評級「跑贏大市」
瑞信發表報告指,中國中藥(00570.HK)去年下半年收入及純利按年分別增長27.4%及13.4%,至73.84億元及7.69億元人民幣;另去年全年收入及純利表現符合該行預期。
該行表示,集團去年下半年毛利率按年提升3.2個百分點,主要由於較高毛利的中藥顆粒業務收入貢獻增加,該業務去年的銷售按年升29%至92.27億元人民幣,但由於增加市場覆蓋令銷售及推廣費用上升,業務淨利潤率下降了1.2個百分點。
瑞信下調對中國中藥股份目標價,由4.81元降至4.41元,今明兩年盈利預測分別下調3.6%及3.5%,以反映有關業務利潤率下降,股份評級維持「跑贏大市」。該行預期,集團中藥顆粒業務在未來數年仍可見高速增長及淨利潤率保持穩定。
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