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《大行報告》中金下調上海醫藥(02607.HK)目標價至16.1元 評級「跑贏行業」
中金發表研究報告指,上海醫藥(02607.HK)上半年收入按年增長6.2%,純利增長近3.6%,符合預期。當中工業收入增長至130.5億元人民幣,毛利率降至57.84%。分銷業務收入達986.57億元人民幣,增長6.5%,毛利率升至6.87%,保持增長趨勢。 該行指出,上海醫藥持續投入研發,上半年研發開支達到工業銷售收入約7.4%,期內進一步加快引入百納培南項目、Plazomicin等產品,至6月底創新藥管線中已有6個項目處於關鍵性研究或臨床三期階段。 中金維持上海醫藥今明兩年每股盈利預測為1.49及1.67元人民幣不變,考慮到近期板塊估值中樞下移,目標價降至16.1元,對應今明兩年預測市盈率約6.2及5.6倍,同時維持「跑贏行業」評級。
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