《大行報告》里昂下調國藥控股(01099.HK)目標價至25.9元 評級「買入」
里昂發表研報指,由於經營開支下降,國藥控股(01099.HK)第三季淨利潤按年增長2.7%,高於預期,管理層預期明年集中採購可能為利潤率和銷售帶來持續壓力,將進一步發展零售業務。
該行相應將2021至2023年收入預測下調2.7%、1.5%及1.4%,並將淨利潤預測下調10.1%、11.5%及14.2%,以反映集中採購的影響,目標價由28.18元降至25.9元。
里昂表示,雖然國藥短期面臨集中採購的壓力,但龍頭經銷商的行業整合仍是長期趨勢,指出國藥目前一年內滾動遠期市盈率為5.7倍,接近處於三年低點,因此維持「買入」評級。
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