一文了解券商於中生制药(01177.HK)公布季绩後最新目标价及观点
中生制药(01177.HK)今日股价捱沽，受仿制药药品集中采购及疫情的持续负面影响，上季业绩逊预期，大和指公司处黑暗时刻，新报6.86元挫12.2%。该公司昨日(30日)收市公布截至9月底止首三季纯利按年跌18%至18.5亿元人民币，每股盈利9.81分人民币，季度派息每股2港仙。期内基本盈利按年跌12%至22.94亿元人民币，营业额按年跌6%至181.26亿元人民币。新产品销售收入占集团总收入约36.7%，总额按年升67%至66.59亿元人民币，创新药销售额占集团总收入约25%，去年同期占比为约20%。
公司於第三季获临床批件6件、生产批件11件及一致性评价获批15个，并申报临床6件、一致性评价申报6个及申报生产2个。已累计临床批件、正在进行临床试验和申报生产的在研产品398件，其中肝病药37件、抗肿瘤药190件、呼吸系统药22件、内分泌药20件、心脑血管药16件及其它类药113件。
【季绩逊预期 处黑暗时刻】
摩根士丹利表示，中生制药第三季收入按年跌19%、核心盈利跌42%，均低於该行预期，主要受到带量采购及新冠疫情拖累。公司第三季收入按年跌19%，对比第二季升2%。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%。大摩指出，新管理层正全速推进业务发展，关键将是12月中的中国国家医保药物目录清单(NDRL)谈判情况。该行维持对中生制药「增持」评级及目标价9.87元。
大和指，中生制药业绩受药物集中采购影响及非专利药销售转弱，处最黑暗时刻，预期业绩明年见底，受惠於创新药推售及集中采购影响淡化。该行建议投资者暂时避开医药及生物医学行业，基於国家医保药物目录清单药价的谈判，与及集中采购药物药价受压。该行认为投资者可在明年1月再留意相关股份。
本网最新综合8间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
花旗│买入│12.8元
大和│买入│11元
中金│跑赢行业│12->10元
摩根士丹利│增持│9.87元
美银证券│增持│10.09->9.79元
瑞信│跑赢大市│10->9.4元
摩根大通│增持│9.2元
麦格理│中性│9.52元->8.39元
券商│观点
花旗│季绩逊预期
大和│季绩受药物集中采购影响，处最黑暗时刻
摩根士丹利│季绩逊预期，关注国家医保药物目录清单药价谈判
美银证券│季绩承受短期痛楚
瑞信│对产品线长期商业潜力持乐观态度
摩根大通│季绩持续受集中采购及新冠疫情影响
麦格理│全年业绩将令人失望，短期行业事件将间接打击估值
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