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《大行報告》中金上調石藥(01093.HK)目標價至21元 料創新藥管線步入收穫期
阿思達克 07-30 14:15
中金發表的研究報告指,石藥(01093.HK)是國內第一梯隊的龍頭制藥企業之一,具備優秀的研發、生產和銷售能力,加上公司存量業務穩定,而創新藥研發管線價值逐漸提升,重申「跑贏行業」評級,上調除權後目標價5%至21元。

該行指出通過「自研+快速」引進,公司圍繞小分子創新藥、大分子創新藥和新型制劑三大方向建立了豐富的研發管線,公司擁有110多個正在研發的創新藥品種,其中有超40個品種處於臨床階段。中金料2020-2023年之間公司將有13個創新藥和高端製劑上市,予石藥當前創新藥管線300億元的估值,認為公司資金充足,且和國內外多個研發平台和機構合作,研發管線有望進一步豐富。該行認為隨著公司研發管線的不斷擴充和向後期推進,創新研發管線估值也將進一步提升。

中金認為市場對於石藥的存量業務過於悲觀,認為公司有望進一步拓展恩必普自費市場和其他適應症市場,延長產品生命周期。而下半年國家醫保談判中,假設恩必普有30-50%的降價,該品種仍有望在2025/2026年達到90-100億元的銷售峰值。此外,受惠醫保納入、集體採購和高端劑型需求提升,中金預計現有腫瘤藥高端製劑(多美素、津優力、克艾力)仍處於快速增長階段。(el/u) ~

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