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汇丰研究首予同仁堂国药(3613.HK)“买入”评级目标价20港元
格隆汇 07-15 11:41

汇丰发表研究报告,指同仁堂国药(03613.HK)自2014至2018年通过扩大其全球业务,在收入及盈利上均达到19%的年均复合增长。该行相信,在可预见的将来,旗下两项主要产品——安宫牛黄丸及灵芝孢子粉胶囊的销售将会继续稳定增长,公司强大的品牌、声誉及有规律的增长策略将可以维持其高端定价及稳定的毛利率。汇丰认为,同仁堂国药盈利增长稳定、财务状况强劲,以及强劲的现金产生能力,将有助公司在不稳的市况下具备防守性。

汇丰预期,公司在未来三年,收入年复合增长将会由2018年的20%水平缓和至16%,同时盈利年复合增长水平亦相近。另外,该行亦预料公司将会逐步提升派息比率,情况有如2014至2018年。首次给予公司“买入”投资评级,以现金流贴现率计,目标价20港元。

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