瑞银降国药(1099.HK)目标价至38港元维持“买入”评级
瑞银发表的报告指,国药控股(1099.HK)
上半年及次季收入分别按年增长23%及26%,而经调整溢利则分别升9%及2%。期内盈利表现较该行预测少7%,主要因为公司在专科药物上投资进取,拖累毛利率及经营利润率表现,但净经营现金外流情况速度慢于收入增长,故认为经营现金流表现有所改善,而增长较快的设备分销业务付款期亦相对较长。
该行指出,上半年药物分销收入按年增长21.5%有惊喜,但期内经营溢利仅升11.2%,经营利润率则跌0.4个百分点至4.03%,主要因为公司持续在三、四线城市医院扩张,而部分开支亦用于投资专科药物。管理层则指出公司在于“
4+7
”城市集体采购药物中的市占率升至逾60%。而设备分销业务的销售及经营利润分别增长36.1%及56.2%,其经营利润率则升0.6个百分点至4.6%,管理层预料业务可带来稳定的长期利润。而在零售业务方面,销售及经营溢利分别增长23.2%及11.5%,惟经营利润率则跌0.3个百分点至3.3%,主要因为低利润专科药物增长较快。
该行认为公司前景未见清晰,而在“
两票制
”下利润环境仍未可见,加上集体采购或致药价进一步向下亦增添了不确定性,另外公司策略投资药业的销售及盈利能力势头仍未可见,认为需要数个季度才能更清楚了解公司的盈利能力。该行将公司每股盈测下调2-3%,目标价由39.3港元降至38港元,维持
“
买入
”
评级
。
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