郭思治: 實現盈利可期 華領醫藥(02552.HK)看俏
香港股票分析師協會副主席郭思治稱,專注研發糖尿病藥物的華領醫藥(02552.HK)剛公布中期業績,其全球首創葡萄糖激活劑dorzagliatin即將進入收成期,公司的藥品上市申請在今年4月已經獲得NMPA受理,估計明年可獲得審批上市,並已和拜耳加緊後期的營銷安排,有望憑藉dorzagliatin扭虧實現盈利,盈利路徑清晰可見。由於dorzagliatin的首創性,在上市後亦有望在亞洲包括日韓等國家及歐美地區獲得批准進行銷售,dorzagliatin亦極有可能將成為全球性的糖尿病核心治療藥物,未來市場份額毋庸置疑。
很多分析都認為糖尿病藥物市場非常成熟,但實際上市面上的降糖藥大多以刺激胰島β細胞分泌胰島素為手段達到降糖目的,但隨著患者胰島功能降低甚到逐步喪失,降糖藥的藥效也將大打折扣甚至失效。反觀華領的dorzagliatin,其通過修復患者受損的葡萄糖激(酉每)傳感器功能,有望解決胰島素首相分泌失調的問題,進而改善β細胞功能和降低胰島素抵抗,從而能由根本「治癒」糖尿病。粗略估算,以全中國有1.3億名糖尿病患者計,就算僅10%的人使用dorzagliatin,華領未來的收入亦非常可觀,再者華領此前和拜耳達成戰略合作,相信以拜耳的豐富渠道資源和銷售實力而言,10%僅為非常保守的概念。
根據公告,華領亦積極尋找新的增長引擎,已經計劃分別開展糖尿病腎病、代謝綜合症型糖尿病、晚期糖尿病以及糖尿病認知障礙等領域的研發,持續拓展其在糖尿病領域的版圖。目前公司股價遠未反映dorzagliatin的巨大發展潛力,可趁低吸納作中長線部署。
(筆者為證監會持牌人)~
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.