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《大行报告》高盛下调华润医药(03320.HK)目标价至5.9元 评级「买入」
阿思达克 03-30 10:02
高盛发表报告指,华润医药(03320.HK)去年下半年销售为1,110亿元,按年增长8.3%,经营盈利则按年上升47.1%至40.5亿元,大致符合该行预期。至於总盈利达25亿元,高於预期的21亿元,主要由於利好的有效息率令财政成本下降,及负债比率降低。

该行预期,润药今年收入将会加快,主要受设备分销及网上B2B业务增长,和更多潜在收购等推动,维持对集团股份「买入」评级,但目标价由6.3元降至5.9元,并调低今明两年盈利预测分别10%及12%,以反映直接面向患者药房(DTP)扩张及集中采购令毛利率走低,和预期疫情後的财务成本增加。

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