《大行報告》麥格理：藥企股價對新一輪集採反應正面 料石藥(01093.HK)已過最壞時刻
麥格理發表報告表示，內地公布第三輪藥品集中採購結果後，中資醫藥股今日股價反應正面，在調整不同中標藥企的保證藥物數量後，相關集採藥物有效降幅為81%，對比去年9月全國性藥品集採76%，對比2018年12月的「4+7帶量採購」的64%，從今次結果顯示，更多的競標藥企(為競標的79%)冀藉減價60%或以上，對比上兩輪佔比各63%及45%。
該行表示，經過藥物集採的明顯降價，涉32種藥物及合約價18億人民幣，該行不認為結果對中資醫藥行業未來基本面有負面影響，因投資者更會重視藥企中期研發能力的增長，多於受政策短期的影響。
就今次內地第三輪藥品集中採購結果，麥格理認為石藥中標部份藥物，料雖然相關影響不算正面，但相信其最壞情況已過，建議投資者關注此行業首選股，就石藥旗下白蛋白結合-紫杉醇(Nab-paclitaxel)降價幅度達70%，屬三家中標企業之一，但僅取得相關藥物保證銷售額3,500萬元人民幣，相信石藥未來在非集採藥品領域中才是其增長能力的關鍵，予其「跑贏大市」評級及目標價25.92元。
就第三輪藥品集採對中生製藥(01177.HK)影響方面，麥格理認為影響屬中性，上兩輪集採的影響正逐步出現，但公司旗下新藥布地奈德(Budesonide)提供強勁增長，短期可推動市場情緒，予其「跑贏大市」評級及目標價13.34元。
就本輪藥品集採對綠葉製藥(02186.HK)，麥格理認為影響屬綜合性，指公司中標阿卡波糖(Acarbose)影響正面，但無論如何主要藥品「Lipusu」面臨定價壓力，及關注旗下白蛋白結合-紫杉醇市佔率流失，予其「跑贏大市」評級及目標價8.14元。
麥格理表示，內地未來每年均會進行藥品集採，相信未來五年會覆蓋200種藥品，該行喜歡研發優良的藥企，該行在行業首選在美上市的再鼎醫藥公司(ZLAB.US)。
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