《大行報告》大和下調中生製藥(01177.HK)目標價至11元 評級「買入」
大和發表報告,中生製藥(01177.HK)過去五年推出的新藥銷售,已佔公司今年上半年總收入44%,期內收入按年增長43%。期內,創新藥物佔中生總體收入25%,旗下明星產品安羅替尼(Anlotinib)錄得兩位數的年度收入增長。
該行指,中生製藥旗下仿製藥組合有所擴大,共有34個新藥通過BE測試,而阿法替尼(Afatinib)等小分子藥物在2020年12月至2021年7月期間獲批並開始產生收入。公司管理層在與該行會議時預期今年收入按年增長率將達到17%至19%,核心盈利的年複合增長率也將提高。
大和重申對中生製藥「買入」評級,指爲行業首選。目標價由12元下調至11港元,鑑於國內單株抗體PD-1競爭加劇等因素,將抗體藥物(Penpulimab)今年收入預測從16億元降至4.1億人民幣,對2022年相關收入預測從24億元降至12.1億元人民幣。
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