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《大行报告》摩通降三生制药(01530.HK)目标价至18元评级「增持」
阿思达克 07-08 10:50

摩根大通发表的报告指,三生制药(01530.HK)是内地的全面综合型生物科技公司,而在肿瘤科、自身免疫病及肾科的生物药特许经营方面具领导地位,期待伊尼妥单抗(Inetetamab)在今年9月或10月获批并推出,料可成重要的催化剂,有助改善投资者情绪及带动股份重估。该行将三生制药目标价由19元降至18元,此相当预测2021财年市盈率20倍,维持「增持」评级。

该行认为公司具稳定的产品组合及将有新产品推出,相信2019年至2021年公司收入及盈利年复合增长可维持在20%左右的水平。

摩根大通指出,三生制药核心产品去年维持市场领导地位,同时亦带动了稳定的增长,认为相关产品市场渗透率仍较细,故相信随着保险覆盖提升、教育增加,将可有显着的上行空间,料未来两至三年亦可维持稳定的增长。

在研发方面,三生制药持续投放以改善研发能力,在其研发产品线上亦见有进展,展望将来公司预计将有一款新药获批,另外每年最少有一款试验中新药(IND)获批。另外,公司亦有与多家国际企业组策略合作,认为可在中长期将新药引入中国。(el/w) ~

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