《大行報告》瑞銀下調康希諾生物-B(06185.HK)目標價至216元 評級「買入」
瑞銀將康希諾生物-B(06185.HK)目標價從361元下調至216元,主要是由於其新冠疫苗業務的可見度較低,預計該業務將佔去年總收入97%,維持「買入」評級。
瑞銀預計,康希諾生物市場份額將受到高疫苗接種率和新替代品供應的影響,包括輝瑞的Paxlovid等新冠口服藥物。截至2月15日,中國已有12.31億人接種了兩劑疫苗,5.02億人接種了加強針,因此下調了對康希諾生物新冠疫苗的預測,但仍對其針對腦膜炎、DTP和肺炎的創新疫苗的產品管道持樂觀態度。
瑞銀預計康希諾在2021年、2022 年和2023年的新冠疫苗銷售額將分別錄得42億元、53億元和38億元人民幣(下同),而其之前的估計為54億元、82億元和120億元。瑞銀將康希諾2021年每股盈利預測上調11%至7.64元,但將2022年和2023年每股盈利預測分別下調25%和60%,至10.29元和8.76元。對於2021年,瑞銀預測康希諾收入為43億元,淨利潤為19億元。
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