《大行报告》野村下调石药(01093.HK)目标价至12元 评级「买入」
野村发表报告,预期石药(01093.HK)去年收入为257亿元人民币,药品销售为213亿元人民币,意味第四季集团收入及药品销售分别增长21%及23%。假设利润率可维持,该行估计石药去年纯利有19.7%增长。
野村维持石药股份「买入」评级,目标价由19.83元降至12元,以反映集团去年10月派发红股。另外,该行又调低集团去年至2022年的销售预测分别6%、13%及21%,反映疫情影响及「恩必普」的专利到期。至於纯利预测亦相应下调2%、9%及15%,减幅较销售预测为低,主因创新药的销售占比提高,料可推动集团毛利率进一步上升。
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