《大行報告》大和降石藥(01093.HK)評級至「跑輸大市」 目標價上調至9.9元
大和發表報告,指石藥集團(01093.HK)旗下治療中風的主打藥品恩必普(NBP)首季銷售按年增長放緩至8.7%,而產品減價後的新價格在3月1日起生效,在沒有折扣計劃的情況下,石藥需要將其銷售量增加一倍,才能保持今年收入持平,認為恩必普在去年已經過了收入高峰期,估計今年收入將有10%的按年跌幅。
大和指,受疫情影響,維生素C和抗生素的產品價格有所上升,帶動石藥的毛利率首季升至77%,預計
原料藥強勁勢頭將持續到第三季,但第四季銷售可能面臨壓力。該行預計公司至2023年有14種藥物等待上市,收入潛在價值為183億元人民幣。但由於藥品銷售需時,將無法抵消今年恩必普減價造成的收入下降。
該行把石藥今明年度的每股盈測提高22%至23%,12個月目標價由7.5元提高到9.9元,因價格高企有利原料藥業務,而且銷售及行政開支成本控制較好,並將今年度的創新藥物目標市盈率從5倍提高到7倍,以反映其業務發展能力改善。但對石藥長期增長前景就比較悲觀,評級由「持有」下調至「跑輸大市」。
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