《大行報告》野村:中生製藥(01177.HK)為醫藥領域首選 CROs偏好藥明康德(02359.HK)
野村發表研究報告指,去年下半年中國醫療保健行業表現疲弱,疲軟趨勢延續至今年上半年,主要由於中國研發藥物在獲得美國FDA批准方面面對挫折、市場對可能收緊監管的擔憂、國內市場競爭加劇、地緣政治局勢緊張,以及全球對生物技術的投資情緒疲軟所致。
該行認為,醫藥公司的基本面並非似股價表現一樣弱,去年度大多數中國醫療保健公司業績都令人滿意,製藥行業也在快速擴張,研發及新藥申請增加,認為行業估值具吸引力。不過,該行預期內地疫情再度爆發,將對企業第二季經營產生負面影響。
報告指出,今年國家醫保目錄談判將於下半年舉行,預期降價對製藥企業的影響將略有緩解,預期對於生物技術公司而言,海外市場的臨床及監管進展將是最大的催化劑。
野村指,行業目前缺乏令人信服的重大催化劑,短期內預期不會迎來估值重估,於整個醫藥行業中較看好製藥及合同研究機構(CRO),首選仍為中生製藥(01177.HK),CRO方面則看好藥明康德(02359.HK),生物技術領域看好百濟神州(06160.HK)(BGNE.US),全部給予「買入」評級。
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