《大行報告》瑞銀下調國藥(01099.HK)目標價至30元 評級「買入」
瑞銀發表的研究報告指,國藥控股(01099.HK)首季收入及盈利增長強勁,主要受惠去年同期基數較低,今年首季公司收入及盈利分別按年升27%及50%,分別至1,200億及12億元人民幣,達到該行對其2021財年預測的23%及16%。經營現金流出348億元,主要因為疫情影響到醫院的現金情況,公司估計將逐步復甦。
該行認為公司在醫療設備分銷及營銷服務均有進展,期內毛利率維持穩定,僅微跌0.06個百分點至7.7%,但受惠經營成本及財務開支管控理想,淨利潤率升0.15個百分點至1.01%。
雖然今年首季公司利潤輕微下跌,但管理層仍預期今年利潤將維持穩定或輕微上升,同時公司亦未有股權融資計劃。該行將公司目標價由31.8元降至30元,評級維持「買入」。(el/u) ~
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