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《大行報告》瑞信升復星醫藥(02196.HK)目標價至52元 新冠mRNA疫苗料6至7月獲內地批准
阿思達克 04-30 15:20
瑞信發表研究報告指,復星醫藥(02196.HK)首季業務復甦步伐勝預期,收入及純利分別按年升37%及47%;管理層指醫療器材板塊按年增長逾40%。不過,首季毛利率按年收縮2.6個百分點至52.5%,部分由於降尿酸藥物Febuxostat因帶量採購而降價,創新藥Avatrombopag納入醫保目錄而降價。經營現金流按年大升93%,收入增加主因港澳兩地政府就mRNA疫苗BNT162b2(復必泰)預付款。

報告稱,復必泰料6至7月獲內地批准使用,潛在納入政府採購。管理層稱,已向國家藥監局遞交臨床數據供審評。據早前《路透》、《環時》及《華爾街日報》文章指,料疫苗6至7月可獲國家藥監局使用許可,與該行去年估計相符。復星醫藥預期今年向內地供應1億劑疫苗,每月目標供應2,000萬劑疫苗。倘7月前已獲批,料今年供貨可達1億劑。

瑞信補充,復星醫藥旗下醫美業務平台正加快發展,另90%研發投入用於創新藥。報告維持予其「跑贏大市」評級,上修今年至2023年銷售預測1.1%、1.4%及4.1%,上調今年盈測1.9%,明後兩年則降2.5%及3.5%,並上調估值基礎,今年預測市盈率由12倍上調至17倍,反映該行對其長期研發展望更趨正面;目標價相應由44元上調至52元。

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