《大行報告》大和升石藥(01093.HK)評級至「持有」 目標價上調至7.5元
大和發表研究報告,指石藥集團(01093.HK)計劃在上交所科創板發行A股雙重上市,有待監管機構批准。該行稱,相信公司在A股市場可享有較高估值,雙重上市可開啟新融資渠道支持長期增長。
該行料石藥旗下治療中風的恩必普(NBP)去年銷售見頂,按年升30%至73億元人民幣,今年料呈倒退。報告稱,即使石藥致力滲透三、四線城市,料NBP銷量在去年高基數下難以倍升,不足以抵銷降價50%的影響。
大和稱,預期在2021年6月舉行的第五輪藥品集團採購(GPO),將納入更多注射藥,料NBP在其注射專利2022年6月屆滿後,將具資格納入GPO。由於仿製藥明年起登陸市場,NBP市佔將會被分割,即使其銷量大升兩倍,NBP亦可以維持對石藥的銷量貢獻,但它或面對降價70%至80%,對NBP及石藥不利。
報告上調石藥投資評級,由「沽售」上調至「持有」,目標價由6.8元升至7.5元,反映A股上市潛在利好,但重申對公司創新藥渠道較弱的悲觀看法。
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