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《大行報告》匯豐研究調整藥業股目標價 看好中生製藥(01177.HK)
阿思達克 06-05 10:04
匯豐研究發表報告,指因應中國政府改善藥品的質素和負擔力,以及社保制度,令藥廠需要長期應對政策轉變,現時行業正面對中國擴大國家組織藥品集中採購,令仿製藥均價平均下跌60%,仿製藥佔去年中國市場銷售63%。雖然政策轉變令市場變得艱難,但相信2019-23年行業收入年複合增長率可達5.1%,主要是由新藥帶動。

該行指,過去集中採購主要針對口服藥品,當中只佔整體市場份額約10%,但目前有更多藥物被列入採購名冊內,當中包括大量的注射藥,令行業變得更困難。

該行預期腫瘤藥物仍然是未來三年增長的主要動力,估算2023年新藥銷售佔比倍增至12%,看好恆瑞醫藥(600276.SH)在當中的表現。同時予其覆蓋的8隻藥股「買入」評級,依次分別為中國生物製藥(01177.HK)、恆瑞醫藥、石藥集團(01093.HK)、翰森製藥(03692.HK)、復星醫藥(02196.HK)、上海醫藥(02607.HK)、綠葉製藥(02186.HK)、麗珠醫藥(01513.HK)。

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