一文了解券商於石药(01093.HK)公布季绩後最新评级、目标价及观点
石药集团(01093.HK)昨日(24日)公布首季业绩後全日股价弹高4.4%後，今早股价靠稳。石药昨中午公布今年首季业绩，营业额67.34亿元人民币按年升9.9%，纯利14.72亿人民币按年升26.9%；每股盈利12.29分人民币。撇除去年同期出售附属公司收益，今年首季基础溢利14.72亿人民币，按年增63.3%。
公司指未来三年，集团预计将上市新产品60余个，其中预计市场空间超过10亿元的重磅品种将不少於15个，而纳米技术平台研发的多西他赛白蛋白纳米粒、紫杉醇白蛋白纳米粒(速溶)等产品，都是具有全球专利及极具市场价值的重磅产品。
【收入符预期 毛利率改善】
瑞信发表报告指，石药集团首季收入符合预期，在毛利率改善下净利润表现好过预测。石药持续加强对研发投入以丰富产品线，维持「跑赢大市」评级，因应恩必普全年销售预测及利润率改善，将2021至2022财年净利润预测上调8%及5%，目标价由11.5元升至14元。
国泰君安指石药首季业绩略好於市场及该行预期，主要得益於强於预期的控制支出力度，期内利润率进一步回升，正考虑上调对其盈利预测及目标价，以反映强於预期的控制支出力度及研管线的顺利进展。而摩根士丹利发表研究报告，石药集团首季业绩胜预期，期内收入升9.9%及基础溢利按年升63.3均优於该行原预期，主要受益恩必普销售表现巩固所推动，维持目标价12.7港元及评级「增持」。
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本网最新综合7间券商其投资评级及目标价：
券商│投资评级│目标价(港元)
瑞信│跑嬴大市│11.5->14元
高盛│买入│12.5元->13.5元
广发证券│买入│13.49元
建银国际│跑嬴大市│12->13.3元
摩根士丹利│增持│12.7元
国泰君安│买入│11.5元
大和│持有│7.5元
券商│观点
瑞信│恩必普销售利润率改善，上调2021至2022财年净利润8%及5%
高盛│恩必普降价风险可控，新品销售成为下半年盈利催化剂
广发证券│首季业绩符预期，新药陆续上市将成成增长动力
建银国际│恩必普纳入国家基本药物目录销售(NDRL)增长强劲
摩根士丹利首季业绩胜预期
国泰君安│成本控制超预期，惟成品药业务收入增长略有放缓
大和│首季业绩符预期
(ta/w)
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