《大行报告》美银证券升中生(01177.HK)目标价至14.73元 指未反映科兴疫苗贡献
美银证券发表报告,重申对中生制药(01177.HK)「买入」评级,按现金流折现率作估值,目标价由9.79元上调至14.73元,相当於2022年预测市盈率39倍,潜在升幅99%。该行料中生今明两年纯利按年分别升68.3%及38.6%。
该行指,基於内地大型医疗公司估值已创历史新高,使投资者对医疗股看法转趋谨慎,与其他领先的公司相比,该行认为对中生制药具买入理由,认为公司所持股科兴(Sinovac)利润贡献和疫苗资产被低估,指中生目前的估值尚未反映来自科兴利润贡献。从商业化的角度来看,Sinovac的新冠疫苗应比Cansino等其他上市公司更使人放心,考虑其更早的发布时间,更好的定价环境和制量。
美银证券指,中生制药今年的增长前景令人乐观,并认为市场对公司去年第三季度业绩反应已过度。展望未来,基於去年业绩低基数,料使中生制药更容易在2021年实现快速增长。该行亦指中生潜在往A股上市。这将有助於估值重估。(wl/u)
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