《大行報告》中金:石藥(01093.HK)研發管線逐步完善和提升 維持「跑贏行業」評級
中金發表的研究報告指,石藥集團(01093.HK)評級維持「跑贏行業」,予目標價12元。去年收入按年增長12.8%至249.4億元人民幣(下同),淨利潤按年增長38.9%至51.6億元,扣非淨利潤按年增長18%至43.7億元。由於公司對恩必普做了銷售撥備和渠道控制,去年第四季度業績略低於該行和市場的預期,而管理層指引今、明年扣非淨利潤增長有望繼續雙位數增長。
中金指出恩必普、多美素、津優力、克艾力去年分別增長17.4%、41.3%、37.3%和16.4%,其中恩必普去年第四季增長放緩主要由於公司做了5.1億元的銷售撥備和2億多元的渠道控貨。管理層有信心2022年開始恩必普恢復正增長,並維持長期100億元的銷售峰值,中金預計多美素、津優力、克艾力長期銷售峰值有望分別達30億元以上。
該行指出公司研發管線穩步推進,且不斷引進核心研發人員,提升研發效率。管理層預計兩性霉素B復合物等有望在今年獲批生產,並有望在今年貢獻數億元的收入。2022年,PI3K抑制劑、3代EGFR、兩性霉素B脂質體有望獲批,2023年開始公司預計每年會有58個創新藥獲批,包括雙抗、ADC等新技術平台上的產品。
中金指出公司賬上現金充裕,且具備強大的銷售能力,期待看到更多公司和創新藥生物科技企業的合作項目。此外認為國際化合作(產品引入和海外授權)未來可能是本土藥企的一大發展方向,期待石藥在國際化合作方面有進一步發展。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.