《大行報告》匯豐研究下調復星醫藥(02196.HK)目標價至50元 評級「買入」
匯豐研究將復星醫藥(02196.HK)2022年和2023年的收入預測均上調4%,對製藥和器械行業的增長感到更加樂觀,新藥和醫學美容行業的銷量增長強於預期,然而將2022-2023年淨利潤預測下調12%-17%,以考慮到復星金融資產因股價下跌而貶值,以及毛利率較低的新冠病毒產品銷售帶來的毛利率壓力。該行將復星醫藥H股目標價由70元下調至50元,維持評級「買入」。
匯豐研究認爲,復星醫藥今年第一季盈利低於預期,主要是由於金融資產貶值等一次性因素,預計其增長勢頭將持續,2021-2024年收入和經營利潤複合年增長率將分別達到12%和19%,考慮到該公司新藥的推出以及mRNA新冠疫苗、CAR-T細胞療法和進一步的業務發展項目的潛在上行空間,目前的估值具有吸引力。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.