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《大行報告》德銀下調翰森製藥(03692.HK)目標價至21.1元 評級「買入」
阿思達克 09-05 11:29
德銀發表研究報告指出,受疫情拖累,翰森製藥(03692.HK)中期業績疲弱,期內收入僅按年增長0.7%至44.34億元人民幣,純利升0.6%至12.98億元,分別只達該行全年預測的42%及45%。 該行指出,翰森製藥管理層解釋由於第二季爆發疫情,令公司創新藥物的宣傳活動及銷售放緩,而公司創新藥銷售佔總收入的52.3%,高過去年同期的28.5%,公司預期有關數字將於2022年進一步提升至55%,至2025年高達80%。管理層又稱,雖然公司營運於今年第三季將開始回復正常,惟相信疫情仍高度不可預測,對下半年業務營運呈保守看法,並將2022財年的增長預測指引下調至低單位數。 此外,該行將翰森製藥的2022及2023財年收入預測分別下調4.8%及5.6%,純利預測亦各削4.4%及5.1%,以反映管理層對2022財年較為保守的業績指引。該行預期公司2022及2023財年的收入增長1.3%及15.1%,純利升4.2%及14.4%。維持對其「買入」評級,目標價由22.2元下調至21.1元。
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