《大行报告》麦格理上调三生制药(01530.HK)目标价至13.08元 评级「跑赢大市」
麦格理发表研究报告,指出三生制药(01530.HK)经历盈利连续两年下跌及股价大幅下滑後,预期目前已见底,今年有望恢复增长,随着4项临床实验结果将在年中公布,料可吸引市场关注,将目标价由10.45元上调25%至13.08元。
该行指,公司核心产品特比澳(TPIAO)、益赛普(Yisaipu)及赛普汀(Cipterbin)政策风险已消散,近期增长有改善空间,其中贡献近半收入的特比澳,在国家医保药品目录准入谈判中售价下调25%,但今年销量上升有助抵销影响,预期销售额将达35亿元人民币。
考虑更高开支预期,麦格理将三生制药2021至2022年每股盈测分别下调9%及12%,重申「跑赢大市」评级。
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