《大行報告》匯豐研究下調中生製藥(01177.HK)目標價至9元 評級「買入」
匯豐研究發表報告,指中生製藥(01177.HK)新藥推動銷售增長、集中採購帶來的壓力可控,相信該公司能進一步發展業務以改善研發和產品管道。該行維持中生製藥「買入」評級,將目標價從9.8港元小幅下調至9元,是該行在內地醫藥板塊的首選股。
匯豐研究表示,中生製藥股價自去年7月以來已下跌44%,主要是由於行業情緒低迷以及對內地醫療保健市場前景的擔憂,但認為中生製藥基本面穩健,並預計關鍵現有藥物有增長和有新藥上市,雖然該公司仍在改進內部研發,但其可能會繼續以強大的商業和業務開發能力以及100億人民幣的現金餘額來鞏固市場,以其現估值相當於預測2023年市盈率21倍計,對比內地醫療保健龍頭企業的32倍,認為中生製藥估值具有吸引力。
匯豐研究將中生2022年和2023年的收入預測分別下調8%和5%,將盈利預測分別下調9%和10%,以反映新藥上市稍微延遲以及集中採購對仿製藥的影響。
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