交银国际上调丽珠医药(1513.HK)目标价至26港元重申“买入”评级
交银国际发表报告表示,丽珠医药(1513.HK)注射用丹曲林钠获纳入优先审评,IL-6R、抗HER2单抗、抗CD20单抗、PD-1单抗均已进入临床 I 期,研发投入稳定增长,故上调目标价,由25.6港元升至26港元,对应2020年市盈率15倍,重申“买入”评级。

该行指出,丽珠2019年上半年销售收入及扣非后归母净利润同比增长8%及15%,盈利增长超预期,主要受到销售成本低增速、消化道药物收入高增速,以及原料药板块利润率改善等因素推动。中药板块核心产品参芪扶正注射液销售收入同比下降17%,降幅连续四个季度收窄,西药板块收入占比首次突破50%,核心产品艾普拉唑实现76%高增长,二三线药物亦持续实现突出贡献。
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