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《大行報告》高盛下調華潤醫藥(03320.HK)目標價至5.9元 評級「買入」
阿思達克 03-30 10:02
高盛發表報告指,華潤醫藥(03320.HK)去年下半年銷售為1,110億元,按年增長8.3%,經營盈利則按年上升47.1%至40.5億元,大致符合該行預期。至於總盈利達25億元,高於預期的21億元,主要由於利好的有效息率令財政成本下降,及負債比率降低。

該行預期,潤藥今年收入將會加快,主要受設備分銷及網上B2B業務增長,和更多潛在收購等推動,維持對集團股份「買入」評級,但目標價由6.3元降至5.9元,並調低今明兩年盈利預測分別10%及12%,以反映直接面向患者藥房(DTP)擴張及集中採購令毛利率走低,和預期疫情後的財務成本增加。

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