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麥格理:升中生製藥(1177.HK)評級至“跑贏大市” 目標價上調至13.34港元
格隆匯 10-14 16:26
麥格理髮表報告將中生製藥(1177.HK) 評級由“ 中性 ”升至“ 跑贏大市 ”,且目標價倍升至13.34港元,以反映其增加了創新藥物,尤其是PD-1,PD-L1和4種生物仿製藥,以及在這些項目中以使用高峯銷售倍數來作估算。
該行上調中生製藥2019/2020/2021年盈利預測分別54%/21%/16%。該行認為,在2019年中生製藥管理層積極推動新推出的肺癌藥物安羅替尼(Anlotinib)的銷售以抵消對恩替卡韋(entecavir)落選“ 4+7 ”帶量採購的影響,又預期公司於2020至2022年會更推出更多新產品。
該行預料,安羅替尼將錄強勁增長及擴展,銷售額最高可達80億元人民幣,但預期PD-1及PD-L1面對挑戰較大。該行認為,若所有新項目獲得成功,中生製藥之潛在銷售有望相當於目前的3倍。
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