《大行報告》美銀證券下調中生製藥(01177.HK)目標價至10.8元 評級「買入」
美銀證券發表研究報告指,中生製藥(01177.HK)去年總收入按年增長13.6%,當中新產品銷售收入增長34.3%,爲全年總收入貢獻逾45%,佔比較2020年的約38%提高。同時,創新藥銷售額亦按年增長10.8%。
受惠於科興生物124億元人民幣的稅後利潤貢獻,中生製藥2021年純利按年飆升超過4.27倍。若剔除科興利潤貢獻、一次性調整減值及公允價值變動,去年全年調整後淨利潤亦增長26.6%。
美銀表示,考慮到帶量採購的潛在影響及近期疫情所帶來的不確定性,將2022至2024年收入預測分別下調14%、17%及21%。同時由於新冠疫苗在全球範圍面臨激烈競爭,該行亦下調科興生物的利潤貢獻預測,相應將目標價由12.82元降至10.8元。
中生製藥預計2022至2024年將有約10種創新藥物獲批,監於公司在創新研發方面持續努力,維持「買入」評級。
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