《大行報告》高盛上調石藥(01093.HK)目標價至13.5元 評級「買入」
高盛發表報告,將石藥集團(01093.HK)2021至2023年各年淨利潤預測分別上調7.6%、4.2%、5.9%,以分類加總估值法計,將目標價由12.5元提高至13.5元,評級「買入」,包括創新藥估值由1,110億元下調至859億元,以反映新藥降價的影響,不過仿製藥估值就由240億元上調至520億元,因隨著更多新的非專利藥通過帶量採購獲得市場份額,令相關業務增長前景將得到改善。而考慮到疫情期間價格上漲,原料藥估值由140億元上調至230億元。
高盛指,石藥第一季銷售額為67億元人民幣,按年同比增長9.9%,略高於預期,主要因為降價後新產品的銷售增長較快,而且腫瘤產品組合強勁。即使產品降價,但第一季的利潤率明顯擴張,毛利率按年擴張3.1個百分點至77%,預計全年的研發費用將達到34億元,以支持加快臨床進度。
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