《大行報告》瑞銀下調科濟藥業-B(02171.HK)目標價至38元 評級「買入」
瑞銀發表研究報告指出,科濟藥業-B(02171.HK)去年淨虧損按年擴大37億元人民幣,至47.44億元人民幣,經調整一次性項目後,淨虧損由2020年的3.34億元人民幣,擴大至去年的5.49億元人民幣,主要由於研發及管理費用增加。
該行指出,科濟藥業去年研發費用按年增長78%,管理層指引2022和2023年亦有類似增長,以支持更多正在進行的臨床試驗和開發下一代技術。因此,該行預測公司於2022和2023年研發費用,由原先預期的按年增長10%及降9%,上調至按年分別增加70%及60%;另將2023至2027財年的毛利率預測由66%至72%,下調至57%至70%,以反映新產品減慢推出,致經濟效益及成本減省延後出現;並將2022及2023財年的淨虧損預測分別擴大43%及179%。
瑞銀將科濟藥業的目標價由53元下調至38元,以反映預期CT053於美國市場滲透率增長放緩、延遲推出CT041與研發費用增加。不過,該行仍看好科濟藥業用於治療血液腫瘤和實體瘤的創新細胞療法綜合管線,維持「買入」評級。
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