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瑞信:上調石藥(1093.HK)目標價至19.17港元 評級“跑贏大市”
格隆匯 09-25 10:43

瑞信發表報告指,石藥(01093.HK)之抗血小板的「薄血藥」柏域斯(Clopidogrel)贏得藥品集中採購招標,比上一輪「4+7」帶量採購價格低23%。由於石藥價格是最低,擁有優先選擇參與地區,並可選擇在九個省提供柏域斯。

報告指出,對石藥2020年收入影響進行量化,預計將會為石藥2020年帶來額外1.87億元人民幣的收入貢獻,約佔其創新藥物收益的1%。至於九種神經科藥物被列入國家補編藥物清單,惟石藥恩必普(NBP)並沒有被納入,但相信將受惠於其競爭藥物使用受限制,該行料NBP銷售未來三年維持25%至30%的增長率。

瑞信維持石藥“跑贏大市”評級,且將其目標價由15.84港元調升至19.17港元。該行上調其2020至2021年淨利預測0.8%至5.2%,以反映柏域斯贏得藥品集中採購招標以及NBP擁有較好市場格局等利好因素。

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