大和:維持中生製藥(1177.HK)目標價11港元 評級“買入”
大和發表研究報告指,近日中國生物製藥(1177.HK)宣佈投資5.15億美元於科興中維,以於其後換取約15%的權益,隨着科興中維的新型肺炎疫苗訂單,該行相信上述事項將有助提升公司明年及2022年的盈利,相信現時公司的估值被低估,維持目標價11港元,重申“買入”評級。
大和表示,現時科興中維已有來自印尼、巴西和土耳其的新型肺炎訂單,有信心明年將會銷售6億劑疫苗,料投資科興創維可對中生製藥提供38億元人民幣核心盈利貢獻,將令該行對中生製藥2021年盈利預測提升一倍,由40億元人民幣增至78億元人民幣,亦指本次投資有助顯示公司強勁的業務發展能力,亦認為在新CEO的領導下,公司將會進一步加強其業務發展能力,並於明年出現更多有關方面的交易。
大和續指,該行對公司明年的增長展望較市場樂觀,料明年自身盈利增長24%,亦相信明年藥品集中採購政策對公司的影響將會有紓緩。

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