《大行報告》瑞信下調復星醫藥(02196.HK)目標價至40元 評級「跑贏大市」
瑞信發表研究報告,指出復星醫藥(02196.HK)首季毛利率按年收縮至44%,管理層解釋是由於首季的新冠疫苗銷售佔比按年擴大,惟疫苗毛利率較藥物低,以及「封城」導致公司醫療保健服務分部毛利率下跌等影響。管理層預期全年毛利將較首季高,而該行預期復星醫藥今年毛利仍較去年低。
該行認為,上海「封城」或影響商業化,但疫情或有利於復星醫藥的新冠診斷業務及設備銷售上升。公司首季創新藥物增長強勁,新冠仿製藥或將於2022年至2023年初提交上市申請。該行維持對其「跑贏大市」評級,目標價由42元下調至40元,對2022至2024財年的經調整純利預測分別下調16%、上調9%及上調15%,期內收入預測分別略為上調0.3%、下調0.3%及上調1%。
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