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交银国际:升中生制药(1177.HK)目标价至13.7港元 维持“买入”评级
格隆汇 08-30 10:44

交银国际发表研究报告称,中国生物制药(01177.HK)上半年销售收入及调整后净利润分别为125亿元人民币及16.7亿元人民币,分别同比增长28.8%及20.5%,与早前的预测基本一致。该行调高中生制药目标价,由10.2港元升至13.7港元,等同2020年市盈率34 倍,维持“买入”评级。

该行指出,公司肝病用药、心脑血管用药、肿瘤药收入分别同比降1%、升23%及146%,除去恩替卡韦及凯纷的不良表现,整体业绩受到新药涌现(如来那度胺、硼替佐米)强劲驱动。该行预期后续新药将持续增长,其中3款主要产品已进入医保(谈判)目录,已有16款产品通过一致性评价,在降价压力缓解下,有望促进这些药物放量增长,因此提升2019-2021年每股盈利预测7-14%。

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