《大行报告》中金:石药(01093.HK)研发管线逐步完善和提升 维持「跑赢行业」评级
中金发表的研究报告指,石药集团(01093.HK)评级维持「跑赢行业」,予目标价12元。去年收入按年增长12.8%至249.4亿元人民币(下同),净利润按年增长38.9%至51.6亿元,扣非净利润按年增长18%至43.7亿元。由於公司对恩必普做了销售拨备和渠道控制,去年第四季度业绩略低於该行和市场的预期,而管理层指引今、明年扣非净利润增长有望继续双位数增长。
中金指出恩必普、多美素、津优力、克艾力去年分别增长17.4%、41.3%、37.3%和16.4%,其中恩必普去年第四季增长放缓主要由於公司做了5.1亿元的销售拨备和2亿多元的渠道控货。管理层有信心2022年开始恩必普恢复正增长,并维持长期100亿元的销售峰值,中金预计多美素、津优力、克艾力长期销售峰值有望分别达30亿元以上。
该行指出公司研发管线稳步推进,且不断引进核心研发人员,提升研发效率。管理层预计两性霉素B复合物等有望在今年获批生产,并有望在今年贡献数亿元的收入。2022年,PI3K抑制剂、3代EGFR、两性霉素B脂质体有望获批,2023年开始公司预计每年会有58个创新药获批,包括双抗、ADC等新技术平台上的产品。
中金指出公司账上现金充裕,且具备强大的销售能力,期待看到更多公司和创新药生物科技企业的合作项目。此外认为国际化合作(产品引入和海外授权)未来可能是本土药企的一大发展方向,期待石药在国际化合作方面有进一步发展。
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