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交銀國際:升麗珠醫藥(1513.HK)目標價至33.4港元 評級“買入”
格隆匯 01-13 15:12

交銀國際發佈報告稱,調高麗珠醫藥(1513.HK)目標價28.5%,由26港元上調至33.4港元,相當於2020年市盈率16倍,重申“買入”評級。

該行稱,集團預計2019年歸母淨利潤同比增20至30%,優於該行此前預期,主要由於化藥板塊高增長及原料藥板塊成本下降,盈利大幅增長。

該行相信,集團西藥板塊將維持穩定增長勢頭,核心產品艾普拉唑受惠於納入醫保及温和的減價幅度,存在巨大的市場替代空間。同時,考慮到重點監控目錄影響減弱,其主要產品受集中採購的影響小,預計毛利率可維持63至64%左右的水平。

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