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瑞信:升石藥(1093.HK)目標價至24.91港元 評級“跑贏大市”
格隆匯 11-19 10:37

瑞信報告指石藥(01093.HK)第三季收入及純利分別按年增長27.4%及22.3%,至55.93億元及9.33億元人民幣。今年首九個月的收入及純利分別達到該行對公司2019財年預測的72.3%及67.7%,表現大致符合該行預期。第三季的毛利率按年增加5.1個百分點,主要是由於創新藥的收入份額增加了7.7個百分點。

該行續指,管理層預期及至2020年,抗癌注射用藥品Keaili的增長額將不低於11億元人民幣,即按年增長75%;2020財年成品藥的增長約達20%。至於中風藥「恩必普」(NBP),管理層預期它將僅會被浙江省增補目錄中納入。

瑞信將公司2020及2021年的純利預測分別調高2.1%及5.6%,以反映其具有更佳可見度的創新藥物管道的潛在銷售,重申其“跑贏大市”投資評級,目標價由原來的19.17港元上調至24.91港元。

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