《大行報告》高盛列藥明生物(02269.HK)確信買入名單 降復星醫藥(02196.HK)等8隻醫藥股至「中性」 普遍下調目標價
高盛發表研究報告,指內地醫健板塊現時及可見將來料會被嚴格監管,不過,過去五年監管的一致性及透明度已明顯改善。在短期不確定性下,行業升級及過渡料將顛簸,惟該行對行業長遠增長機遇仍具正面看法,主因行業邁向全球標準升級;新生物製藥生態系統;經營模式快速進化;創新參與者進入行業。該行認為近期板塊波動為投資者帶來機遇,對具質素股份擴大敞口,以「食正」戰略趨勢。高盛喜好具差異化技術、渠道及產品,以及科學及商業化能力的生科股。
報告表示,進化中的監管框架正推動整個醫健產業鏈,有新板塊嶄露頭角(如生物科技、互聯網醫療、消費醫療),一些進入新增長階段(如CRO/CDMO/CMO),傳統醫藥股亦轉移戰略重點(增加創新、對合作持更開放態度,以及放眼全球市場)。在投資角度,該行對逾250家中港上市及美國上市中資醫藥股進行一個月及本年至今表現分析清楚呈現這個分野。內地醫健板塊快速擴張,自2015年起香港及美國相關IPO達87宗,為板塊帶來龐大資金流入,但亦為這個對投資者具吸引力的行業提高了門檻。
高盛稱,為反映這個分野,重新審視覆蓋股份,特別是離岸醫藥股。該行重申予藥明生物(02269.HK)「買入」投資評級,看好其未來晉身全球CDMO領導股份,目標價由157.9元升至170.7元,並列入「確信買入」名單內。該行並下調8家醫藥公司評級由「買入」降至「中性」,包括復星醫藥A/H股(02196.HK)(600196.SH)、嘉和生物-B(06998.HK)、海普瑞(09989.HK)、三生製藥(01530.HK)、威高股份(01066.HK)、方達控股(01521.HK)、國藥控股(01099.HK)及華潤醫藥(03320.HK),並普遍下調目標價。該行並下調3家醫藥公司評級由「中性」降至「沽售」,分別為聯邦制藥(03933.HK)、上海醫藥(02607.HK)及歌禮製藥-B(01672.HK)。詳細投資評級及目標價見另表。
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.