《大行報告》瑞銀下調信達生物(01801.HK)目標價至121.2元 評級「買入」
瑞銀發表的研究報告指,信達生物(01801.HK)上半年收入按年升97%至19.4億元人民幣,期內產品收入按年升101%至18.5億元人民幣,符該行預期,研發開支為10億元人民幣,按年升29%,而銷售開始則為11億元人民幣,按年升155%,淨虧損12億元人民幣(去年同期則為6億元人民幣),現金結餘112億元人民幣。
該行指出在產品銷售方面,上半年核心產品達伯舒貢獻14億元人民幣銷售,儘管在PD-1市場競爭激烈,相信達伯舒在上半年仍獲認可。期內三款生物仿製藥貢獻4億元人民幣,不過潛在集體採購或成挑戰。期內公司毛利率升至87.3%,主要受惠使用了不鏽鋼的生物反應器,到年尾產能料可增至6萬升,並提供成本競爭優勢。
在業績發布會後管理層重申其國際化策略,同時亦重申在CD47、LAG-3及TIGIT方面有很大的國際化潛力,管理層亦指出有些自研產品將進入臨床階段,該行調整了對成功率的估算等,但亦就系統性風險作出調整,目標價由134.4元降至121.2元,評級「買入」。
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