《大行报告》大和降石药(01093.HK)评级至「跑输大市」 目标价上调至9.9元
大和发表报告,指石药集团(01093.HK)旗下治疗中风的主打药品恩必普(NBP)首季销售按年增长放缓至8.7%,而产品减价後的新价格在3月1日起生效,在没有折扣计划的情况下,石药需要将其销售量增加一倍,才能保持今年收入持平,认为恩必普在去年已经过了收入高峰期,估计今年收入将有10%的按年跌幅。
大和指,受疫情影响,维生素C和抗生素的产品价格有所上升,带动石药的毛利率首季升至77%,预计
原料药强劲势头将持续到第三季,但第四季销售可能面临压力。该行预计公司至2023年有14种药物等待上市,收入潜在价值为183亿元人民币。但由於药品销售需时,将无法抵消今年恩必普减价造成的收入下降。
该行把石药今明年度的每股盈测提高22%至23%,12个月目标价由7.5元提高到9.9元,因价格高企有利原料药业务,而且销售及行政开支成本控制较好,并将今年度的创新药物目标市盈率从5倍提高到7倍,以反映其业务发展能力改善。但对石药长期增长前景就比较悲观,评级由「持有」下调至「跑输大市」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.