富瑞维持石药集团(1093.HK)“买入”评级予目标价19.7港元
富瑞发表研究报告表示,石药集团(1093.HK)中期业绩大致符合预期,管理层亦预期政策层面上最差的情况已经过去。该行预期2018至2021年公司的核心净利润年复合增长率可达23.8%,而现时估值吸引,维持予其“买入”评级及目标价19.7港元。
报告提到,石药上半年的创新药收入增长升55.4%,管理层解释主要受销售团队及网络扩充所支持,而仿制药亦正在现政策下有机会增加市占率,管理层又预期今年可完成大型扩充及投资计划,相信未来数年的研发开支将会在可控水平内。
对于公司受政策的影响,管理层认为最差的时期已过去,中央采购政策会令市场出现多个赢家,导致市场定价压力减少,并估计新政会令药厂更着重于药物质素而非价钱。
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