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瑞银:升中生制药(1177.HK)目标价至13.2港元 评级“买入”
格隆汇 09-17 10:52

瑞银发表报告表示,升中生制药(01177.HK)目标价,由10.23港元升至13.2港元,此相当预测明年市盈率35倍,在新的药品集中采购组织规例下,以反映对短期盈利预期的提升、未来产品的推出预期、及中期投资回报的预期。

该行指,新药肺癌药物安罗替尼(Anlotinib)推出,相信有利公司长远增长,目前公司相等於今明两年约32及28倍的市盈率,低于同业,相信已反映已入集中采购的药品因素,但认为市场未反映公司可持续的增长动力。

瑞银称,润众分散片及其他五药获国家集中采购提升明年上半年的价格,但预期明年会继续是十分艰难的一年,因六种药的销售预期会下跌20亿元人民币,但会被安罗替尼及其他2018-20年推出的c30仿制药表现所抵销,同时2019-20年预期有两种呼吸道药物推出,虽然目前仍未有批,但公司预期2020年的销售增长有20%以上,相信对公司见底预期已大致反映,并对公司转班创新药企业感到正面。

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