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中金:石四藥(02005.HK)三季度毛利率為55.2% 給予“跑贏行業”評級
格隆匯 10-22 16:28

中金髮布最新研報表示,給予石四藥集團(02005.HK)”跑贏行業”評級,並將目標價定為8.85港元。

石四藥公佈2019年1-3季度業績:營業收入33.8億港元,同比增長10.0%(按人民幣計算增長15.3%);歸屬母公司淨利潤 7.59億港元,同比增長17.2%(按人民幣計算增長21.8%)。業績符合中金預期。

靜脈輸液銷售額按人民幣計算同比增長8.3%。2019年1-3季度,靜脈輸液銷量為6.4%至11.42億袋/瓶。非PVC 軟袋、直立式軟袋、聚丙烯塑瓶、玻璃瓶銷售量同比變化+2.7%、+7.9%、+11.5%和-4.8%至3.86億、2.09億、4.58億和0.89億袋/瓶。

2019年1-3季度,綜合平均輸液單價同比提升1.9%至人民幣2.17元。2019年三季度,毛利率為55.2%(同比下滑4.5個百分點),但是淨利率為20.0%(同比持平)。

中金維持石四藥2019年和2020年每股盈利預測不變,分別為港幣0.37元和0.45元,對應20.9%和22.6%的增長。維持跑贏行業評級和8.85港元目標價,對應23.9倍2019年市盈率和19.7倍2020年市盈率。

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