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《大行報告》高盛下調國藥(01099.HK)目標價至21.25元 評級「中性」
阿思達克 08-30 11:21
高盛發表研究報告指,國藥控股(01099.HK)第二季銷售額達到1,342億元人民幣,按年增長3.9%,但較該行預測低出約4%。其中藥品分銷業務受到疫情封城的影響,零售業務表現則較具韌性;由於患者手術量減少,設備業務增長放緩。 另外,利潤率較低的抗疫物資貢獻提升,拖累第二季毛利率下降。高盛預測第三至第四季增長將按季改善,但應收帳款情況惡化可能繼續對下半年現金流構成壓力。 高盛將國藥控股2022至2024年淨利潤預測下調5%、6.7%及7.7%,以反映疫情帶來的更深層次影響,維持「中性」評級,目標價由22.38元下調至21.25元。
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