《大行報告》摩通上調三生製藥(01530.HK)目標價至12元 評級「增持」
摩根大通發表的研究報告指,三生製藥(01530.HK)今年以來股價升32%,而同期MSCI中國醫療健康指數升約25%,主要受惠投資者對脫髮藥蔓迪(Mandi)感興趣,總體而言估計2021年公司收入及盈利將分別為68億元人民幣(下同)及16億元,相當於分別按年增長22%及90%。一方面是由於2020年基數相對低,另一方面則是受惠新產品貢獻增加,同時核心產品增長亦穩健。展望將來該行估計新產品及服務獲批及推出將帶動雙位數增長,維持予「增持」評級,目標價由11元升至12元。
短期而言,該行相信蔓迪及開發和生產合同定製(CDMO)將成短期增長引擎,其中蔓迪是針對脫髮且監管較少的產品,管理層估計相關銷售今年將倍增並創新高達50億元,主要因為病人基礎龐大有強勁需求,加上市場競爭有限。另一方面靠著公司在生物藥的開發及生產能力,三生製藥已滲透CDMO業務並鎖定具聲譽的本地及國際客戶,展望到2024年,其產能料由現時的38,000L增至238,000L。(el/k) ~
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