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《大行报告》摩通上调三生制药(01530.HK)目标价至12元 评级「增持」
阿思达克 07-05 10:15
摩根大通发表的研究报告指,三生制药(01530.HK)今年以来股价升32%,而同期MSCI中国医疗健康指数升约25%,主要受惠投资者对脱发药蔓迪(Mandi)感兴趣,总体而言估计2021年公司收入及盈利将分别为68亿元人民币(下同)及16亿元,相当於分别按年增长22%及90%。一方面是由於2020年基数相对低,另一方面则是受惠新产品贡献增加,同时核心产品增长亦稳健。展望将来该行估计新产品及服务获批及推出将带动双位数增长,维持予「增持」评级,目标价由11元升至12元。

短期而言,该行相信蔓迪及开发和生产合同定制(CDMO)将成短期增长引擎,其中蔓迪是针对脱发且监管较少的产品,管理层估计相关销售今年将倍增并创新高达50亿元,主要因为病人基础庞大有强劲需求,加上市场竞争有限。另一方面靠着公司在生物药的开发及生产能力,三生制药已渗透CDMO业务并锁定具声誉的本地及国际客户,展望到2024年,其产能料由现时的38,000L增至238,000L。(el/k) ~

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