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《大行報告》瑞信下調中生製藥(01177.HK)目標價至10元 評級「跑贏大市」
阿思達克 09-03 10:16
瑞信發表研究報告指,中生製藥(01177.HK)第二季收入按年升10.7%,增長稍低於預期;由於來自合營(主要來自科興)的利潤貢獻較預期高,次季純利按年提升17倍,超出該行預期。 報告指出,中生製藥的腫瘤科業務繼續為主要收入增長動力,上半年按年升25.1%,佔總收入35%。上半年肝炎產品收入按年跌11.4%,但單計第二季就錄得按季及按年增長。 該行認為,集中採購最終將成為行業常態,影響正逐步消散,加上預期中生製藥將繼續推出更多創新產品,帶來可持續增長,維持「跑贏大市」評級,並將2021至2023年純利預測上調120%、55%及25%,但將目標價由11元輕微下調至10元。
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