一文了解券商於石藥(01093.HK)公布季績後最新評級、目標價及觀點
石藥集團(01093.HK)昨日(24日)公布首季業績後全日股價彈高4.4%後，今早股價靠穩。石藥昨中午公布今年首季業績，營業額67.34億元人民幣按年升9.9%，純利14.72億人民幣按年升26.9%；每股盈利12.29分人民幣。撇除去年同期出售附屬公司收益，今年首季基礎溢利14.72億人民幣，按年增63.3%。
公司指未來三年，集團預計將上市新產品60餘個，其中預計市場空間超過10億元的重磅品種將不少於15個，而納米技術平臺研發的多西他賽白蛋白納米粒、紫杉醇白蛋白納米粒(速溶)等產品，都是具有全球專利及極具市場價值的重磅產品。
【收入符預期 毛利率改善】
瑞信發表報告指，石藥集團首季收入符合預期，在毛利率改善下淨利潤表現好過預測。石藥持續加強對研發投入以豐富產品線，維持「跑贏大市」評級，因應恩必普全年銷售預測及利潤率改善，將2021至2022財年淨利潤預測上調8%及5%，目標價由11.5元升至14元。
國泰君安指石藥首季業績略好於市場及該行預期，主要得益於強於預期的控制支出力度，期內利潤率進一步回升，正考慮上調對其盈利預測及目標價，以反映強於預期的控制支出力度及研管線的順利進展。而摩根士丹利發表研究報告，石藥集團首季業績勝預期，期內收入升9.9%及基礎溢利按年升63.3均優於該行原預期，主要受益恩必普銷售表現鞏固所推動，維持目標價12.7港元及評級「增持」。
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本網最新綜合7間券商其投資評級及目標價：
券商│投資評級│目標價(港元)
瑞信│跑嬴大市│11.5->14元
高盛│買入│12.5元->13.5元
廣發証券│買入│13.49元
建銀國際│跑嬴大市│12->13.3元
摩根士丹利│增持│12.7元
國泰君安│買入│11.5元
大和│持有│7.5元
券商│觀點
瑞信│恩必普銷售利潤率改善，上調2021至2022財年淨利潤8%及5%
高盛│恩必普降價風險可控，新品銷售成為下半年盈利催化劑
廣發証券│首季業績符預期，新藥陸續上市將成成增長動力
建銀國際│恩必普納入國家基本藥物目錄銷售(NDRL)增長強勁
摩根士丹利首季業績勝預期
國泰君安│成本控制超預期，惟成品藥業務收入增長略有放緩
大和│首季業績符預期
(ta/w)
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