《大行報告》匯豐研究上調聯邦制藥(03933.HK)目標價至11.3元 評級「買入」
匯豐環球研究發表報告指,聯邦制藥(03933.HK)上半年業績表現強勁,收入及經調整盈利分別上升5.2%及27.1%,高於該行預期,主要是受到胰島素銷售增長較預期為強,及疫情導致經營成本下降所推動。
該行表示,由於原料藥(API)及散裝藥的價格提升,及高毛利率的胰島素業務繼續有良好增長,加上去年同期基數低,估計集團今年下半年的純利仍可有逾20%的增長。
匯豐研究上調聯邦制藥股份目標價,由8.6元升至11.3元,評級維持「買入」。該行認為,聯邦制藥估值相當於明年預測市盈率16倍且市值達158億元,對比其胰島素主要同業通化東寶(600867.SH)及甘李藥業(603087.SH)估值分別為30倍及43倍,相信聯邦制藥估值吸引。
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