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《大行报告》高盛上调石药(01093.HK)目标价至13.5元 评级「买入」
阿思达克 05-25 09:56
高盛发表报告,将石药集团(01093.HK)2021至2023年各年净利润预测分别上调7.6%、4.2%、5.9%,以分类加总估值法计,将目标价由12.5元提高至13.5元,评级「买入」,包括创新药估值由1,110亿元下调至859亿元,以反映新药降价的影响,不过仿制药估值就由240亿元上调至520亿元,因随着更多新的非专利药通过带量采购获得市场份额,令相关业务增长前景将得到改善。而考虑到疫情期间价格上涨,原料药估值由140亿元上调至230亿元。

高盛指,石药第一季销售额为67亿元人民币,按年同比增长9.9%,略高於预期,主要因为降价後新产品的销售增长较快,而且肿瘤产品组合强劲。即使产品降价,但第一季的利润率明显扩张,毛利率按年扩张3.1个百分点至77%,预计全年的研发费用将达到34亿元,以支持加快临床进度。

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