《大行報告》瑞信下調國藥(01099.HK)目標價至25元 評級「跑贏大市」
瑞信發表報告,指國藥(01099.HK)第三季業績大致符合預期,但增長放緩,部分原因是因爲去年第三季的高基數影響。該行將目標價由26元下調至25元,並將2021、2022、2023財年每股盈利預測分別下調2.3%、5%、4.6%,以反映對醫藥分銷部門的收入增長、一般行政費用和稅率所進行的預測修訂。
瑞信指,國藥本季度有可能收購或合營設備製造業務。管理層繼續強調醫療器械業務對公司未來發展的重要性,並將在醫療器械行業供應鏈中尋找更多的收購或合資機會以豐富產品種類。該行認爲,由於國藥作爲中國領先的器械分銷商之一,加上與醫院的長期合作關係,具備上遊收購的條件。 另外,零售藥房業務亦是處方外流下的另一個增長引擎。
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