《大行报告》麦格理:中生制药(01177.HK)产品线足够未来三年增长 维持「跑赢大市」评级
麦格理报告指出,中生制药(01177.HK)第三季度盈利增幅录约5%,较今年首季及次季的27%及17%有所放缓,预计至2020年增长速度将回升,加上强大的产品线足以支持未来3年发展,维持「跑赢大市」评级及目标价13.34元。
该行指,随着明年1月份全国实施带量采购,预计中生制药受影响的相关产品销售额将从去年的69亿元人民币(下同),减少到2021年的17亿元;乙肝药恩替卡韦目前销量下降趋势仍然温和,预期今年销售额下降至26亿元,相信至2020年才会大幅收窄降至8亿元,并於2021年降至3亿元。
不过,该行预料中生制药未来陆续推出的创新产品和新仿制药储备足以抵消上述影响,并在未来三年中每年保持至少20%的收入增长,估计至2024年抗肿瘤产品销售额将从30亿元跃升至350亿元,而心血管药物销售额则提升75亿元。
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