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麥格理:升中生製藥(1177.HK)目標價至13.68港元 評級“跑贏大市”
格隆匯 02-10 13:32
麥格理髮表研究報告,預期新型冠狀病毒肺炎對中生製藥(1177.HK) 在製造及分銷方面的影響有限。因為工廠工人每年都會在農曆新年期間放長假,而有部分工人而恢復工作並開始生產。雖然很多城市都處於封鎖狀態,但醫療用品的運輸傾向優先。
另外,儘管銷售人員無法到醫院向醫生推銷藥物,但公司大部份藥物都已推出一段時間,因此無須再作介紹。在藥品開發方面,由於臨牀醫生及監管人員或要被安排處理較優先的工作,因此導致新藥審批的進度延後數月。
該行相信,若目前的情況維持兩至三個月,對公司的影響仍然可控。若然不是的話,往後的情況會變得難以預測。另外,基於新型冠狀病毒肺炎的傳播途徑,認為市場對於抗生素、呼吸系統藥物及胃腸道藥物的需求有所增加,該行將公司這些藥物的全年銷售預測上調20%。
麥格理將中生製藥2020年的盈利預測上調2%,但將2019及2021年的預測分別下調3%、6%,目標價上調2.5%至13.68港元,重申其“ 跑贏大市 ”投資評級。

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