《大行报告》瑞信下调中国中药(00570.HK)目标价至4.41元 评级「跑赢大市」
瑞信发表报告指,中国中药(00570.HK)去年下半年收入及纯利按年分别增长27.4%及13.4%,至73.84亿元及7.69亿元人民币;另去年全年收入及纯利表现符合该行预期。
该行表示,集团去年下半年毛利率按年提升3.2个百分点,主要由於较高毛利的中药颗粒业务收入贡献增加,该业务去年的销售按年升29%至92.27亿元人民币,但由於增加市场覆盖令销售及推广费用上升,业务净利润率下降了1.2个百分点。
瑞信下调对中国中药股份目标价,由4.81元降至4.41元,今明两年盈利预测分别下调3.6%及3.5%,以反映有关业务利润率下降,股份评级维持「跑赢大市」。该行预期,集团中药颗粒业务在未来数年仍可见高速增长及净利润率保持稳定。
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