《大行報告》美銀美林升中生製藥(01177.HK)目標價至12元 評級「買入」
美銀美林發表報告指,基於今年上半年業績表現,更新了對中生製藥(01177.HK)的估算模型,進一步調整了對集團仿製藥產品線的銷售預測及模型參數,並因而調整對集團股份目標價,由10.6元升至12元,重申「買入」評級。
該行稱,由於中生製藥較高的非控股權益盈利佔比,及增長率在2021年後提升,該行的模型估算下調對集團今年至2021年的每股盈利預測,分別降至每股0.24元、0.3元及0.35元人民幣。
該行表示,對中生製藥的仿製藥產品線進行了數次調整,例如將硼替佐米(Bortezomib)、那度胺(Lenalidomide)等藥品的銷售作獨立預測,並加入了18款新公布的仿製藥候選藥物。總括而言,該行在今年至2021年的仿製藥銷售預測中包含的藥品數量分別為20、19及28款,預測在三年的總銷售分別約14億、43億及69億元人民幣,可支持集團的收入有穩固增長,及繼續在研發上作投資。
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