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《大行報告》大和下調石藥(01093.HK)目標價至6.8元 重申「沽售」評級
阿思達克 12-29 14:31
大和發表研究報告,指出石藥(01093.HK)在昨天(28日)宣布在國家醫保藥品目錄下,其主要藥品恩必普(NBP)的膠囊及注射劑分別降價55.6%及51.3%,價格將自明年3月1日起生效。公司預期產品收入將面對短期下行壓力,而該行認為降價是令市場感到意外的。

該行預期,之前預期恩必普收入將會在2022年達到80億元人民幣高位,但由於降價的幅度大過預期,現時認為恩必普的收入在今年初的73億元人民幣已見頂,並會在明年下跌。雖然公司致力打入低線城市市場,以及擴展至新的適應症,但認為其銷量增長難以自今年的高基數再翻倍,並抵銷50%的降價幅度。

該行將公司的目標價由原來的7元下調至6.8元,重申「沽售」投資評級。2021至2022年的每股盈利預測下調9至12%,以反映對恩必普的收入預測下調。

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