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《大行報告》富瑞上調中國中藥(00570.HK)目標價至5.5元 評級「買入」
阿思達克 02-23 09:50
富瑞發表報告指,將中國中藥(00570.HK)目標價由4.7元上調至5.5元,評級為「買入」,預計集團的處方藥(RX)配方顆粒會錄得銷售復甦,因為新冠疫情已經基本過去,中藥可能成為老年人長期感染患者的首選療法。 該行指,中藥處方顆粒國家標準的不斷出台將有利於中國中藥等大型企業。集團Rx配方顆粒的特許經營權應至少價值預測為每股5元。該行相信,明年最常用的Rx配方顆粒將被標準化,全國標準將在2027年涵蓋目前700多種中的大部分Rx配方顆粒。 富瑞預計中國中藥2023財年的銷售額、淨利潤率和每股盈利將分別為170億元人民幣、6.6%及0.22元人民幣;2024財年分別為200億人民幣、8.5%及0.34元人民幣;而2025財年則是230億人民幣、9.4%及0.43元人民幣,意味著2023至25年的收入複合年增長率為17%和盈利複合年增長率為39%。
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