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光大證券:石藥(01093.HK)新藥管線佈局深厚 重申「買入」評級
阿思達克 11-07 11:12

光大證券近日發表報告表示,石藥集團(01093.HK)盈利結構持續優化,現有產品增速穩健並有望維持,該行指公司新樂管線佈局深厚,研發平台優勢明顯,維持對其2019年至2021年每股盈利預測0.62、0.74及0.86元人民幣,即按年各升22%、18%及17%。

該行指,重申對石藥「買入」投資評級及目標價23.1港元,此相當預測2020年市盈率28倍,指當前估值仍具吸引力。

光大證券指,石藥創新研發底蘊深厚,近5年來創新藥佔比逐年提升,從2014年佔比25%提升至今年上半年的55%,其中核心品種恩必普經過持續的市場下沉與學術推廣,仍有廣闊基層市場待挖掘。此外,抗朣瘤產品線已成為公司新增長引擎,新品上市豐富管線疊加銷售團隊持續擴張,多美素、津優力維持高增長;克艾力(紫杉醇白蛋白)仍處於快速放量期,增長勢頭強勁,隨著公司在抗朣瘤領域的影響力的逐步建立,料抗朣瘤條線未來幾年有望維持強勁增長。

該行指,石藥近年來研發投入不斷加大,2018年首次超15億港元,佔今年上半年佔藥收入比重已達10.7%,研發投入處行業領先水平且有望持續加碼。各大發平台共儲備近百個在研創新藥項目,料未來3年有望每年推動3至5個新藥品種上市,並推進7至8個創新藥獲批臨床。管線中新型制劑兩性霉素B脂質和米托蔥(酉昆)脂質體,創新藥CD20單抗、P13K抑制劑有望於2020年至2021年獲批,料成公司新一代重磅藥品。

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