中金:維持麗珠醫藥(1513.HK)“跑贏行業”評級 目標價28.2港元
近日中金公司發佈關於麗珠醫藥(01513.HK)的研報。維持該公司2019/2020年EPS預測1.33元/1.53元,同比增長14.9%/15.1%,H股股價對應2019/2020年16.2倍/14.1倍市盈率。H股維持跑贏行業評級,維持目標價28.20港元,對應19.0倍2019年市盈率和16.5倍2020年市盈率,較當前股價有18%的上行空間。
據悉,麗珠醫藥近日發佈中長期事業合夥人持股計劃(草案),持股計劃的參與對象為:對公司整體業績和中長期發展具有重要作用的公司核心管理人員(各期持股計劃參與對象由公司董事會根據員工變動情況、考核情況在各期持股計劃中擬定,並經股東大會審議確定)。
中金公司認為,持股計劃的激勵基金制度有效期十年。該計劃以2019年至2028年作為考核年度,由董事會根據激勵基金提取原則負責提取激勵基金。主要考核指標為:以2018年度歸母扣非淨利潤為基數,2019年-2028年淨利潤複合增長率達到15%(淨利潤剔除持股計劃計提激勵基金影響數)。
對此,中金公司看待計劃的態度偏正面,認為該草案有望調動骨幹員工積極性,保障公司長期發展,並維持對於公司的核心投資邏輯,認為公司:1)現有品種結構逐漸優化,化學制劑佔比逐漸提高。艾普拉唑針劑進國家醫保談判目錄有利於該產品的市場推廣及未來銷售;2)研發管線進行重新梳理。我們預計重組抗IL-6R人源化單克隆抗體、醋酸曲普瑞林微球(一個月)、注射用醋酸亮丙瑞林(三個月)最快有望於2021年報產。

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