《大行报告》高盛上调信达生物(01801.HK)目标价至93.5元 评级「买入」
高盛发表研究报告指,信达生物(01801.HK)去年度收入按年增长267%至38亿元人民币,当中核心产品PD-1抑制剂达伯舒(Tyvyt)销售额按年增长125%至22.9亿元人民币,较1月份数据高出4%,预期增长势头持续,维持对Tyvyt全年销售额按年增长49%至34亿元人民币的预测。
信达去年下半年净亏损进一步收窄至3.9亿元人民币,较2019年同期及2020年上半年减少,产品毛利率亦由上半年的80%提升至86%,研发费用按年增加67%。该行指出,信达生物在1月份配股後,今年将拥有更充裕的流动性,支持产品线研发、提升产能及商业化项目。
高盛指,信达生物目前有8个潜在适应症新药上市申请,另有多个项目取得关键数据及早期临床数据,相信今明两年发长步伐加快,予「买入」评级,目标价由89.8元升至93.5元。
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