大行評級|高盛:上調聯邦制藥目標價至8.81港元 評級上調至“中性”
高盛發表研究報吿指,基於SOTP將聯邦制藥目標價從5.29港元上調67%至8.81港元。該行將評級從“沽出”上調至“中性”,因為6-APA(6-氨基青黴烷酸)的價格週期強於預期,價格保持相對彈性,加上新興動物保健業務上半年年增160%,與牧原股份建立策略夥伴關係,反映收入增長將取決於產能擴張的速度。考慮到更具彈性的價格趨勢,該行將2023及24年淨利預測分別上調88%及56%,該行對2024財年銷售及盈利預測比市場預期保守,因為該行預期肝素原料藥(API)價格將出現輕微下滑(6-12個月內降價5%-10%)。
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