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《大行報告》瑞信降三生製藥(01530.HK)評級至「中性」 目標價上調至11元
阿思達克 06-29 13:58
瑞信發表研報指,三生製藥(01530.HK)遭高瓴資本大手減持,對股價造成壓力,於6月25日股價下挫約16.7%,管理層透露高瓴減持為意料之外,事前未有通知。

該行引述三生製藥管理層指,持股18.6%的中信產業投資有派駐非執行董事,雙方有良好溝通,認為公司基本面仍穩健,股價下跌料主要受市場氣氛所影響。

公司重申今年收入增幅指引達雙位數,並預期市場上的血小板生成素受體激動劑(TPO-RA)產品,對集團的重組人血小板生產素注射液「特比澳」不會造成影響,因目前未有TPO-RA獲批用於治療血小板減少症。

瑞信預期,三生製藥的治療脫髮外用藥蔓迪(Mandi)今年上半年銷售表現較預期強勁,全年銷售額可達8億元人民幣。計及蔓迪與特比澳的銷售提升,將2021至2023年收入預測分別上調10%、13%及17%,淨利預測上調9%、14%及19%,目標價上調至11元(原本9元)。考慮到現價水平合理,該行將評級降至「中性」。

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