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瑞信:升中生製藥(1177.HK)目標價至13.2港元 評級升至“跑贏大市”
格隆匯 05-29 12:46

瑞信發表研究報告,上調中國生物製藥(1177.HK)目標價20%,由11港元調高至13.2港元,評級由“中性”升至“跑贏大市”。

瑞信稱,該集團首季收入同比增0.2%至62.22億元人民幣,淨利潤增0.6%至8.62億元人民幣,分別達到該行對其全年預期的23.7%及25.6%,考慮到公共衞生事件的影響,認為其首季業績優於該行預期。

腫瘤藥物銷售同比增長61.2%,並首次成為最大收入來源,該行預計腫瘤藥物銷售在今年下半年將保持增長勢頭。另預計在布地奈德的附加銷售下,呼吸道藥物的銷售增長率將上升。

展望未來,公共衞生事件的影響正在減弱,而該集團新的創新藥物很快進入商業階段。該行認為,Penpulimab(PD-1)市場的推出及其安羅替尼(Anlotinib)的專利組合,可能是未來增長的主要動力。

該行表示,新的目標價及評級是基於其腫瘤藥品特許經營權的前景較好,以及未來政策風險有限。 該行分別上調其2020至2022年每股盈利預期2.68%、2.7%及5.29%,以反映其腫瘤藥物的增長快過預期。

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