一文了解券商於中生製藥(01177.HK)公布季績後最新目標價及觀點
中生製藥(01177.HK)今日股價捱沽，受仿製藥藥品集中採購及疫情的持續負面影響，上季業績遜預期，大和指公司處黑暗時刻，新報6.86元挫12.2%。該公司昨日(30日)收市公布截至9月底止首三季純利按年跌18%至18.5億元人民幣，每股盈利9.81分人民幣，季度派息每股2港仙。期內基本盈利按年跌12%至22.94億元人民幣，營業額按年跌6%至181.26億元人民幣。新產品銷售收入佔集團總收入約36.7%，總額按年升67%至66.59億元人民幣，創新藥銷售額佔集團總收入約25%，去年同期佔比為約20%。
公司於第三季獲臨床批件6件、生產批件11件及一致性評價獲批15個，並申報臨床6件、一致性評價申報6個及申報生產2個。已累計臨床批件、正在進行臨床試驗和申報生產的在研產品398件，其中肝病藥37件、抗腫瘤藥190件、呼吸系統藥22件、內分泌藥20件、心腦血管藥16件及其它類藥113件。
【季績遜預期 處黑暗時刻】
摩根士丹利表示，中生製藥第三季收入按年跌19%、核心盈利跌42%，均低於該行預期，主要受到帶量採購及新冠疫情拖累。公司第三季收入按年跌19%，對比第二季升2%。上季核心盈利跌42%至5.43億人民幣，因毛利率較低及營業費用較高，核心毛利率跌3.9個百分點至9.7%。大摩指出，新管理層正全速推進業務發展，關鍵將是12月中的中國國家醫保藥物目錄清單(NDRL)談判情況。該行維持對中生製藥「增持」評級及目標價9.87元。
大和指，中生製藥業績受藥物集中採購影響及非專利藥銷售轉弱，處最黑暗時刻，預期業績明年見底，受惠於創新藥推售及集中採購影響淡化。該行建議投資者暫時避開醫藥及生物醫學行業，基於國家醫保藥物目錄清單藥價的談判，與及集中採購藥物藥價受壓。該行認為投資者可在明年1月再留意相關股份。
本網最新綜合8間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
花旗│買入│12.8元
大和│買入│11元
中金│跑贏行業│12->10元
摩根士丹利│增持│9.87元
美銀證券│增持│10.09->9.79元
瑞信│跑贏大市│10->9.4元
摩根大通│增持│9.2元
麥格理│中性│9.52元->8.39元
券商│觀點
花旗│季績遜預期
大和│季績受藥物集中採購影響，處最黑暗時刻
摩根士丹利│季績遜預期，關注國家醫保藥物目錄清單藥價談判
美銀證券│季績承受短期痛楚
瑞信│對產品線長期商業潛力持樂觀態度
摩根大通│季績持續受集中採購及新冠疫情影響
麥格理│全年業績將令人失望，短期行業事件將間接打擊估值
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
