《大行报告》瑞信下调中国中药(00570.HK)目标价至4.22元 评级「跑赢大市」
瑞信发表报告指,由於新型肺炎疫情更大影响中药配方颗粒、成药及煎剂的销售,中国中药(00570.HK)上半年收入及纯利按年下跌4.1%及14.8%,占该行今年全年预测分别39.1%及38.1%。另外,集团上半年毛利率持平於60.4%,其中中药配方颗粒业务的毛利率有所上升,抵销了中药成药业务毛利率的下跌。
该行下调中国中药今明两年盈利预测分别5.4%及9.8%,以反映疫情影响较预期大,股份目标价由4.41元降至4.22元,评级维持「跑赢大市」。瑞信相信,集团的业务对中药行业面对的政策挑战有防守性,在疫情爆发後中药亦得到公众更大的关注。
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