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大摩:今年最偏好創新藥企及生科股
格隆匯 01-12 12:37

摩根士丹利發表研究報吿,隨着內地政府決心削減成本及激勵創新,內地醫藥行業門檻提升,以期在國際層面競爭。該行料三家公司將受惠政策趨勢,今年行業首選藥明生物(2269.HK)、翰森製藥(3692.HK)及信達生物(1801.HK),並調整多家醫藥股目標價。

大摩表示,隨著報銷直接導向創新藥及跨國藥廠帶來競爭,該行最偏好創新藥企及生物科技股。大摩料翰森製藥(創新藥)及信達生物(生物科技)可跑贏大市,主因其渠道產品可在全球競爭;兩企在全球專利交易上亦見進取。其次,該行喜好研發服務藥企,最喜好藥明生物,主因其全球擴張及兩倍於行業增長。

報吿補充,新冠疫情加快互聯網醫藥開拓,偏好阿里健康(0241.HK)及平安好醫生(1833.HK)。另大摩稱,醫療科技採用本地化為邁瑞醫療(300760.SZ)及微創醫療(0853.HK)帶來崛起機遇,但集中採購帶來的價格削減仍屬拖累因素。該行料降價壓力對仿製藥廠的影響將延續至今年。

大摩指出,對醫藥分銷行業的看法逐漸穿轉向正面。隨著直銷藥房專利藥增加分銷,料國藥控股(1099.HK)及上海醫藥(2607.HK)作為龍頭企業市佔擴大將可變現。最後,在現時嚴謹報銷預算下中醫藥股仍被邊緣化,但一些快速增長的顆粒複方板塊除外,如中國中藥(0570.HK)及雲南白藥(000538.SZ)。

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