《大行報告》匯豐研究下調信達生物(01801.HK)目標價至85元 評級「買入」
匯豐研究發表研報指,信達生物(01801.HK)現已發展成爲一家實力強勁的中國本地生物製藥公司,產品線佈局完善,涵蓋成熟產品及早期研發資產,目前公司正在積極開拓全球市場。
該行預計,核心產品信迪利單抗 (Tyvyt)今年銷售額將持續增長,同時新藥推出、臨牀數據更新及全球化進程將爲公司提供進一步上行空間,基於DCF估值法將目標價下調至85元,維持「買入」評級。
匯豐研究表示,由於未來競爭激烈,分別將2022至2023年收入預測下調12%至13%,對比起市場預期,更看好信達生物收入增長前景,但盈利預測較市場普遍預期保守,因爲計及在業務擴張時研發費用將同時增加,估計今明兩年將維持淨虧損狀態。
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