《大行報告》匯豐研究降國藥(01099.HK)評級至「持有」 維持上海醫藥(02607.HK)「買入」評級
匯豐研究發表報告指出,中國領先的藥房股表現良好,股價自去年7月以來增長約31%,原因包括去年第三季起內地放寬防疫措施,令消費者能重新光顧藥房;最近由於新冠染疫個案激增,令市場對感冒及流感藥物的需求上升。
雖然該行預期在政策支持及市場整合的情況下,2023財年藥房股板塊平均增長約22%,但目前股價已反映短期正面因素,現時估值合理,現價相當於2023財年市盈率27倍,與零售品牌水平相若。此外,該行預期政府政策支持下,將於2025至2030財年爲領先藥房股帶來700億至1,700億人民幣的增量收入。
該行對藥房股2022至2024財年每股盈測作調整,由下調8%至上調61%不等,主要反映該行料在疫情、處方藥外流及交通恢復情況下,對醫藥銷售的正面前景。然而,隨着股價反彈,相信目前估值已反映短期增長潛力。維持對老百姓(603883.SH)及大參林(603233.SH)的「持有」評級,另將益豐藥房(603939.SH)及國藥控股(01099.HK)的「買入」評級降至「持有」,相信他們的增長前景已在股價反映。此外,該行偏好一心堂(002727.SZ)及上海醫藥(02607.HK),評級均爲「買入」,認爲估值吸引。
匯豐研究對醫藥股投資評級及目標價表列如下:
股份 | 投資評級 | 目標價(港元)
國藥控股(01099.HK) | 買入 -> 持有 | 25元 -> 22.5元
上海醫藥(02607.HK) | 買入 | 17.3元
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.