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麥格理:下調上海醫藥(2607.HK)目標價至18.57港元 評級“跑贏大市”
格隆匯 11-04 11:47

麥格理髮表研究報告指,對藥品分銷行業持審慎態度,指藥品集中採購導致藥品分銷商的增長及毛利率下降,受影響產品的價格將會降低75%。

在今年首九個月,上海醫藥(02607.HK)有50%的核心盈利來自分銷業務,毛利率下跌27個點子至6.4%。值得慶幸的是,其另一半的盈利是來自制造業,按年增長20.6%。其中,60個主要藥品的銷售按年增長31%,毛利率72%。由於該行對其他藥品分銷商下調評級,因此上海醫藥的增長潛力現時已超過同行,併成為該行內地藥物分銷商板塊中首選。

該行將公司2019至2021年的每股盈利分別下調11%、12%及13%,主要是受到具挑戰的政策環境所影響,目標價下調31%至18.57港元。投資評級為“跑贏大市”

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