《大行報告》瑞信上調石藥(01093.HK)目標價至14元 評級「跑贏大市」
瑞信發表研究報告指,石藥集團(01093.HK)首季收入符合預期,在毛利率改善下淨利潤表現好過預測。
報告指出,首季,神經系統疾病產品銷售收入按年增長8.5%,當中主要產品「恩必普」銷售收入增加8.7%,勝預期。考慮到國家集中採購降價因素,瑞信原預期恩必普今年銷售收入將按年下跌超過20%,但管理層透露恩必普膠囊3月份銷售按年升最少40%,注射液表現更佳,預期全年恩必普的銷售收入跌幅將較預期要小。
瑞信指出,石藥持續加強對研發投入以豐富產品線,維持「跑贏大市」評級,因應恩必普全年銷售預測及利潤率改善,將2021至2022財年淨利潤預測上調8%及5%,目標價由11.5元升至14元。
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