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摩通:中生製藥(1177.HK)基本面仍穩固 予目標價14.5港元
格隆匯 09-26 11:19

摩根大通發表報告表示,就內地近日公佈藥品「4+7」帶量採購擴至全國開標計劃中標結果,最終藥價降幅高於投資者預期,該行相信內地仿製藥行業會加速整固,行業領先藥企轉型至創新藥物研發上。而中生製藥(001177.HK)於今次帶量採購有5種藥品中標,但同時有2種藥品落選,對於潤眾(Runzhong)恩替卡韋分散片(Entecavir)落選感到意外。

該行認為,今次帶量採購擴至全國中標結果對中生製藥總體影響中性,認為公司基本面仍穩固,公司有強勁的研發投入,料可受惠於行業的整合,並重申對其“增持”投資評級及目標價14.5港元。

今次集採結果的負面因素:中生製藥旗下潤眾(Runzhong)落選令人感到意外,因公司具成本優勢,但無論如何其競爭對手出價異常地低(較上一輪集採中標價降價60%),並認為落選亦非壞事,因公司無須以如此低價,向藥店渠道及非集採的內地醫院銷售潤眾分散片。

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