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國泰君安首予石藥(01093.HK)「增持」評級 指有望步入收穫期
阿思達克 12-23 14:28

國泰君安發表報告表示,首予石藥集團(01093.HK)「增持」評級,目價27.28港元,此相當2020年預測市盈率31倍,指石藥集團作為國內領先的綜合型製藥企業,業務範圍覆蓋創新藥、仿製藥、原料藥,在抗腫瘤、精神神經、心腦血管、抗感染、消化代謝等幾大領域均有廣泛的產品布局,現有創新產品支撐業績穩步增長,多個在研重磅新藥有望逐漸貢獻業績增量。預測2019至2021年公司歸母淨利潤分別為44.46億、54.89億、68.01億港元。

該行指,石藥集團(01093.HK)通過「引進+自研」方式快速構建新產品儲備,擁有超過1,800人的研發團隊,深化外部合作,建立多個技術平台。研發投入力度持續加大,2019年前三季度研發投入已達15億人民幣,快速推進研發布局。公司在大分子、小分子、新型制劑領域在研管線豐富,擁有多項臨床三期及二期項目,2020年至2021年有望迎來Duvelisib、SCT400、JMT103、兩性霉素B膽固醇硫酸酯復合物等多款10億級別銷售規模「引進+自研」新藥上市,主要治療領域包括抗腫瘤、抗真菌感染、動脈閉塞症等,有望陸續貢獻增量,助力公司長期發展。

國泰君安稱,在學術推廣及渠道下沉助力公司第一大品種恩必普持續放量,多美素、津優力、克艾力不斷增加醫院覆蓋率,腫瘤藥事業部銷售人數大幅增加,護航核心品種未來增長,玄寧已成功在美國上市,作為首個FDA完全批准的中國本土 創新藥,有望提振海內外銷售。

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