瑞信:石药(1093.HK)首季收入胜预期 维持目标价19.88港元
瑞信发表研究报告,指石药(1093.HK)在受到疫情的负面影响下,首季收入表现优于预期,按年增长11.5%。公司的成药收入更为多元化,抗肿瘤产品增长53.6%,并预期这将成为其今年最大的收入来源。心血管疾病产品则增长66.5%,主要是因为“恩存”的附加销售所致。神经系统疾病产品则仅增长4.3%,丁苯(酉太)产品的收入佔比仍高。
该行认为,公司的新药进展顺利。基于其收入增长稳定、有更平衡的业务收入佔比及新专利药物推出,维持其“跑赢大市”投资评级,目标价维持在19.88元。该行将公司今年的盈利预测上调5%,以反映其一次性收入。

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