《大行報告》里昂一舉升復星醫藥(02196.HK)評級至「買入」 目標價上調至43.56元
里昂發表研究報告指,復星醫藥(02196.HK)2020年收入按年增長6.2%,歸屬淨利潤更提升10.3%,大致上符合市場預期,毛利率下降3.8個百分點至55.5%,歸屬淨利率則提升約0.4個百分點至12.1%。
該行指,去年集團整體研發開支按年增長近15.6%至40億元人民幣,管理層透露旗下首個CAR-T產品FKC876早前的新藥上市申請已獲接納,並已通過藥監局藥品審評中心的技術評估,被納入優先審核清單,目前正等待下一步進展。另外,復星醫藥與美國藥企Kite Pharma合資公司復星凱特的CAR-T產品Tecartus,已於2020年7月獲得美國FDA批准,預期接下來研發及創新將是復星醫藥的增長動力。
里昂又指,疫苗及生物仿製藥繼續成為市場關注的焦點,港澳兩地早前叫停「復必泰」疫苗接種,現時預期將在一周內恢復;旗下復宏漢霖(02696.HK)的第2/3期的抗PD-1 mAB亦有望在今年或明年實現商業化。
里昂將復星醫藥的評級由「沽售」一舉升至「買入」,目標價由23.02元上調至43.56元,預期2021至2023年收入將分別增長21.1%、15%及16.5%。
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