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石藥集團(1093.HK):2019年前3季度股東淨利同比增加24.0%,符合預期
格隆匯 11-20 10:14

機構:國泰君安

2019年前三季度收入/股東淨利分別同比上升27.5%/24.0%至人民幣16,761百萬元/人民幣2,811百萬元,分別佔我們全年預測的73.8%/73.8%,基本符合我們預期。創新藥業務仍為公司的主要增長動力,該業務在2019年前三季度的收入為人民幣9,525百萬元,同比增長51.9%;主要受恩必普與抗腫瘤組合的強勁增長推動,該等產品收入分別同比增加35.7%以及170.7%。因銷售策略調整,普藥收入僅實現同比增長6.0%至人民幣3,862百萬元。儘管價格承壓,維生素C原料藥業務實現同比增長15.3%至1,596百萬元,主要得益於銷售量因新規格產品的增加而提高。受市場需求持續低迷影響,公司的抗生素原料藥業務收入同比下降17.2%至人民幣715百萬元。其他業務收入則實現穩定同比增長8.2%至人民幣1,063百萬元。公司毛利率同比上漲5.7個百分點至70.9%,主要是具有較高毛利率的創新藥的銷售佔比進一步提高所致。不過,受不斷上升的銷售費用率(同比增長4.3個百分點至38.5%)與研發費用率(同比增長2.0個百分點至9.0%)以及維生素C原料藥價格大幅下跌所拖累,經營利潤率/淨利率分別同比倒退0.7/0.5個百分點至21.0%/16.8%。公司2019年前三季度不宣派中期股息。

2019年前3季度業績揭示公司的營運十分穩健,增速保持強勁,並且抗風險能力以及研發能力優異。因此,我們依然認為公司是中長線投資的一個不錯的標的。公司目前目標價為19.00港元,投資評級為“買入”。鑑於此前上海研發及產品專題投資者推介揭示公司的研發管線進展快於預期且厚度高於預期,我們考慮在下一份公司報告中提高石藥集團的目標價並維持“買入”的投資評級。

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