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《大行报告》大和升石药(01093.HK)评级至「持有」 目标价上调至7.5元
阿思达克 02-02 12:58
大和发表研究报告,指石药集团(01093.HK)计划在上交所科创板发行A股双重上市,有待监管机构批准。该行称,相信公司在A股市场可享有较高估值,双重上市可开启新融资渠道支持长期增长。

该行料石药旗下治疗中风的恩必普(NBP)去年销售见顶,按年升30%至73亿元人民币,今年料呈倒退。报告称,即使石药致力渗透三、四线城市,料NBP销量在去年高基数下难以倍升,不足以抵销降价50%的影响。

大和称,预期在2021年6月举行的第五轮药品集团采购(GPO),将纳入更多注射药,料NBP在其注射专利2022年6月届满後,将具资格纳入GPO。由於仿制药明年起登陆市场,NBP市占将会被分割,即使其销量大升两倍,NBP亦可以维持对石药的销量贡献,但它或面对降价70%至80%,对NBP及石药不利。

报告上调石药投资评级,由「沽售」上调至「持有」,目标价由6.8元升至7.5元,反映A股上市潜在利好,但重申对公司创新药渠道较弱的悲观看法。

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