大摩维持三生制药(1530.HK)“增持”评级目标价16港元
摩根士丹利发表报告表示,三生制药(1530.HK)
今年上半年业绩表现符预期,期内收入按年增长22%,主要受惠特比澳销售按年增长42%所带动,而期内益赛普销售团队领导转变,增长仅13%,相信下半年增长将维持较慢。该行指,三生制药期内特比澳及益赛普平均销售单价均轻微下跌1-2%,而赛博尔及益比奥平均销售单价则分别升32%及1%。该行将公司目标价由17港元降至16港元,此相当预测明年市盈率
21.5倍,以反映人民币汇价转弱以及今年主要产品销售指引下降的影响,并重申对其“
增持
”评级。
大摩表示,三生制药期内毛利率受惠产品组合改善,按年提升231个基点,而一般及行政开支比率亦按年下跌40个基点,惟期内研发开支比例提升180个基点,主要因为公司斥5420万元人民币收购了一些正在进行的研发项目,期内正常化EBITDA利润率轻微下跌,但正常化盈利按年增长34%,则好过该行预期。
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