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《大行報告》麥格理上調綠葉製藥(02186.HK)目標價至9.02元 評級「跑贏大市」
阿思達克 09-02 10:29
麥格理發表研究報告,指出綠葉製藥(02186.HK)管理層希望投資者關注更多其創新藥渠道,而不是短期的盈利波動。麥格理認為,創新藥渠道是其未來獲估值重評的關鍵。該行預期,公司有三項產品將會推動其下半年的基本面發展,旗下藥品「力撲素」佔上半年銷售額42%,雖然受疫情及國家藥品集中採購影響,但跌幅較該行預期為小。

至於藥品「思瑞康」的整體銷售上升36%,有別於該行預期增長持平,這是因為在疫情期間其需求出現意外增長。另「貝希」降價70%,但在第二輪藥品集中採購實施後,其市佔率由原來的7.3%升至40%,導致收入持平但有更大的潛在盈利能力,因為公司能因而節省市場推廣費用。

該行仍預期未來兩年綠葉製藥盈利倒退,惟上調盈測分別15%及7%,以反映中期業績勝預期,重申綠葉製藥「跑贏大市」投資評級,目標價上調19%,由7.6元升至9.02元。

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