美银美林:升石药(1093.HK)目标价至23港元 评级“中性”
美银美林发表报告指,石药(1093.HK)
第三季收入及盈利表现强劲,收入按年增长27.4%至56亿元人民币,其中成药板块表现尤其强劲,收入增幅达31.9%。毛利率亦自67.8%大幅提升至73%,主要由于高收入贡献的肿瘤药占成药比重自去年同期的17%提升至28%,加上石药实现规模经济效益。
基于业绩表现,该行上调石药现金流预测,目标价亦自应自16.1港元上调至23港元,惟2022年及2023年将为专利到期的高峰,股价本年至今亦已升近一倍,维持“
中性
”评级。
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