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大行評級|花旗:下調上海醫藥目標價至15.3港元 維持“買入”評級

花旗發表研究報吿指,上海醫藥第三季收入按年升8%至700億元,受累毛利率下降,純利按年跌6%至11億元,期內毛利率下跌至10%,對上財年同期則錄得10.6%。公司管理層料,明年將獲得1個創新藥批准,預期中藥胃復春明年銷售會達10億元,另外四款中藥產品可各自產生1億元收入。

該行下調2024年至2026年各年每股盈測分別6%、5%及5%,以反映藥房業面臨挑戰,以及分銷業務利潤率收窄,H股目標價由16.2港元降至15.3港元,維持“買入”評級。

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