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大行評級|建銀國際:下調康方生物目標價至53港元 AK104銷售增長更加光明
格隆匯 06-20 11:09
建銀國際的研究報吿指,康方生物的核心產品AK104之年度定價在2024年按年下跌13%,令產品的銷售增長更光明,並看好長期臨牀前景和銷售額。該行指,考慮到AK104的降價以及內地抗癌藥市場競爭日益激烈,將AK104在2024年至2026年的銷售預期分別下調4%、12%及26%,至15億元、18億元及23億元,意味按年增長12%、19%及27%。建銀國際相信,隨着AK104的指標數量增加,亦會帶動其銷售量的增長,有機會是包括胃癌和子宮頸癌的一線治療。因此,將康方生物2024年至2026年的總收入預測下調3%、6%及14%,毛利率預測下調2.9、4.8及3.7個百分點至85%、80.5%及81.1%。而該行亦因此將2024財年的調整後淨虧損從5.98億元上調至7.16億元,預期2025財年虧損1.55億元(原預期錄淨利潤1.66億元),預期2026財年淨利潤預測從14億元下調至9.03億元。因此該行將公司目標價由56.2港元下調至53港元,維持“跑贏大市”評級。
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