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《大行报告》瑞信升复星医药(02196.HK)目标价至52元 新冠mRNA疫苗料6至7月获内地批准
阿思达克 04-30 15:20
瑞信发表研究报告指,复星医药(02196.HK)首季业务复苏步伐胜预期,收入及纯利分别按年升37%及47%;管理层指医疗器材板块按年增长逾40%。不过,首季毛利率按年收缩2.6个百分点至52.5%,部分由於降尿酸药物Febuxostat因带量采购而降价,创新药Avatrombopag纳入医保目录而降价。经营现金流按年大升93%,收入增加主因港澳两地政府就mRNA疫苗BNT162b2(复必泰)预付款。

报告称,复必泰料6至7月获内地批准使用,潜在纳入政府采购。管理层称,已向国家药监局递交临床数据供审评。据早前《路透》、《环时》及《华尔街日报》文章指,料疫苗6至7月可获国家药监局使用许可,与该行去年估计相符。复星医药预期今年向内地供应1亿剂疫苗,每月目标供应2,000万剂疫苗。倘7月前已获批,料今年供货可达1亿剂。

瑞信补充,复星医药旗下医美业务平台正加快发展,另90%研发投入用於创新药。报告维持予其「跑赢大市」评级,上修今年至2023年销售预测1.1%、1.4%及4.1%,上调今年盈测1.9%,明後两年则降2.5%及3.5%,并上调估值基础,今年预测市盈率由12倍上调至17倍,反映该行对其长期研发展望更趋正面;目标价相应由44元上调至52元。

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