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《大行報告》瑞銀上調石藥(01093.HK)目標價至14元 評級「買入」
阿思達克 11-19 09:46
瑞銀髮表研究報告指,石藥集團(01093.HK)第三季收入按年上升3%,純利升6%,稍遜於市場預期。期內成藥業務按年增長2%,創新藥則下跌2%,普通仿製藥按年升14%。 石藥管理層維持全年財務指引爲達到雙位數升幅,同時有信心第四季表現可達標。瑞銀表示,石藥第三季毛利率爲75.2%,與去年同期的75.7%比較維持穩定;同時銷售成本按年下跌36%,研發及行政成本佔比亦按年下跌1.3個百分點,支出比率受控。 該行指出,石藥集團未來要面對的主要風險包括集中採購藥品降價幅度更大;2023年專利到期後產品恩必普(NBP)的銷量可能大幅下滑;以及創新藥新產品推售數量低於預期。瑞銀重申對石藥的「買入」評級,目標價由13.1元升至14元。
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