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《大行報告》瑞銀下調康希諾生物-B(06185.HK)目標價至200元 評級「買入」
瑞銀發表研究報告指,康希諾生物(06185.HK)首季收入按年增長7%,符合預期,期內MCV2疫苗銷量達到約1萬劑,貢獻數百萬元收入,而MCV4疫苗亦將於7月開始產生收入。 該行指出,康希諾首季銷售費用達到3,400萬元人民幣,按年增長近3.8倍,庫存水平達到11億元人民幣,對比2021年同期為約8.76億元人民幣,相信銷售開支增加是由於Ad5-nCov在中國的推廣增加,以及MCV的商業化佈局,而庫存增加則是為了應對海外市場需求,以及為吸入COVID疫苗的生產準備。 管理層重申今年Ad5-nCov及MCV的收入指引15億至20億元人民幣及3億至5億元人民幣。瑞銀表示維持「買入」評級,但基於估值模型調整,將目標價由202元下調至200元。
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