《大行報告》摩通降三生製藥(01530.HK)目標價至18元評級「增持」
摩根大通發表的報告指,三生製藥(01530.HK)是內地的全面綜合型生物科技公司,而在腫瘤科、自身免疫病及腎科的生物藥特許經營方面具領導地位,期待伊尼妥單抗(Inetetamab)在今年9月或10月獲批並推出,料可成重要的催化劑,有助改善投資者情緒及帶動股份重估。該行將三生製藥目標價由19元降至18元,此相當預測2021財年市盈率20倍,維持「增持」評級。
該行認為公司具穩定的產品組合及將有新產品推出,相信2019年至2021年公司收入及盈利年複合增長可維持在20%左右的水平。
摩根大通指出,三生製藥核心產品去年維持市場領導地位,同時亦帶動了穩定的增長,認為相關產品市場滲透率仍較細,故相信隨著保險覆蓋提升、教育增加,將可有顯著的上行空間,料未來兩至三年亦可維持穩定的增長。
在研發方面,三生製藥持續投放以改善研發能力,在其研發產品線上亦見有進展,展望將來公司預計將有一款新藥獲批,另外每年最少有一款試驗中新藥(IND)獲批。另外,公司亦有與多家國際企業組策略合作,認為可在中長期將新藥引入中國。(el/w) ~
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