《大行报告》里昂一举升复星医药(02196.HK)评级至「买入」 目标价上调至43.56元
里昂发表研究报告指,复星医药(02196.HK)2020年收入按年增长6.2%,归属净利润更提升10.3%,大致上符合市场预期,毛利率下降3.8个百分点至55.5%,归属净利率则提升约0.4个百分点至12.1%。
该行指,去年集团整体研发开支按年增长近15.6%至40亿元人民币,管理层透露旗下首个CAR-T产品FKC876早前的新药上市申请已获接纳,并已通过药监局药品审评中心的技术评估,被纳入优先审核清单,目前正等待下一步进展。另外,复星医药与美国药企Kite Pharma合资公司复星凯特的CAR-T产品Tecartus,已於2020年7月获得美国FDA批准,预期接下来研发及创新将是复星医药的增长动力。
里昂又指,疫苗及生物仿制药继续成为市场关注的焦点,港澳两地早前叫停「复必泰」疫苗接种,现时预期将在一周内恢复;旗下复宏汉霖(02696.HK)的第2/3期的抗PD-1 mAB亦有望在今年或明年实现商业化。
里昂将复星医药的评级由「沽售」一举升至「买入」,目标价由23.02元上调至43.56元,预期2021至2023年收入将分别增长21.1%、15%及16.5%。
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