《大行报告》大摩:中生制药(01177.HK)上季核心盈利按年跌42%逊预期
中国生物制药(01177.HK)今早股价下挫,股价最新报6.97元跌10.6%。摩根士丹利发表报表示,中国生物制药今年第三季收入按年跌19%、核心盈利跌42%,均低於该行预期,主要受到带量采购(volume-based procurement)及新冠疫情挥之不去所拖累,新管理层正全速推进业务发展,而关键将是12月中的中国国家报销药品目录(NDRL)谈判情况。
该行指,中生制药第三季收入按年跌19%(对比第二季升2%),主要受到带量采购及新冠疫情影响;公司上季核心盈利跌42%至5.43亿人民币,因毛利率较低及营业费用较高,核心毛利率跌3.9个百分点至9.7%。
大摩维持对中生制药「增持」评级及目标价9.87元。
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