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《大行报告》高盛上调上海医药(02607.HK)目标价至17.6元 评级「中性」
阿思达克 05-03 11:57
高盛发表研究报告指,上海医药(02607.HK)首季销售额按年增长27.6%,较该行预期的增长12.2%为高,分销业务复苏表现强劲,生产业务在60款核心产品带动下亦增长14%。

期内盈利大幅高出该行预测的13亿元人民币,达到21亿元人民币,是由於期内为上药云健康平台引入B轮融资的一次性收益所致。该行指,首季毛利率达13.4%,逊预期的15.3%,主要是因为集中采购令产品价格下跌及期内研发开支提升的影响。

高盛认为,管理层计划实施中长期激励计划,有助鼓励研发团队,目标全年进入临床阶段的创新项目由首季的25个,增加至35个,看好未来发展前景,将2022至2023年净利润预测上调3.8%及3.9%。因应业务复苏及融资一次性收益,将今年净利润预测上调18.6%,维持「中性」评级,目标价由15.6元升至17.6元。

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