《大行报告》麦格理：药企股价对新一轮集采反应正面 料石药(01093.HK)已过最坏时刻
麦格理发表报告表示，内地公布第三轮药品集中采购结果後，中资医药股今日股价反应正面，在调整不同中标药企的保证药物数量後，相关集采药物有效降幅为81%，对比去年9月全国性药品集采76%，对比2018年12月的「4+7带量采购」的64%，从今次结果显示，更多的竞标药企(为竞标的79%)冀藉减价60%或以上，对比上两轮占比各63%及45%。
该行表示，经过药物集采的明显降价，涉32种药物及合约价18亿人民币，该行不认为结果对中资医药行业未来基本面有负面影响，因投资者更会重视药企中期研发能力的增长，多於受政策短期的影响。
就今次内地第三轮药品集中采购结果，麦格理认为石药中标部份药物，料虽然相关影响不算正面，但相信其最坏情况已过，建议投资者关注此行业首选股，就石药旗下白蛋白结合-紫杉醇(Nab-paclitaxel)降价幅度达70%，属三家中标企业之一，但仅取得相关药物保证销售额3,500万元人民币，相信石药未来在非集采药品领域中才是其增长能力的关键，予其「跑赢大市」评级及目标价25.92元。
就第三轮药品集采对中生制药(01177.HK)影响方面，麦格理认为影响属中性，上两轮集采的影响正逐步出现，但公司旗下新药布地奈德(Budesonide)提供强劲增长，短期可推动市场情绪，予其「跑赢大市」评级及目标价13.34元。
就本轮药品集采对绿叶制药(02186.HK)，麦格理认为影响属合性，指公司中标阿卡波糖(Acarbose)影响正面，但无论如何主要药品「Lipusu」面临定价压力，及关注旗下白蛋白结合-紫杉醇市占率流失，予其「跑赢大市」评级及目标价8.14元。
麦格理表示，内地未来每年均会进行药品集采，相信未来五年会覆盖200种药品，该行喜欢研发优良的药企，该行在行业首选在美上市的再鼎医药公司(ZLAB.US)。
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