《大行報告》中金:醫藥板塊估值有望進一步修復 優先配置創新藥、耗材與設備
中金發表研究報告指,近期內地涉及口腔種植牙集採、心臟支架二次議價、骨科集採等政策均優於或符合市場預期,故認為,後續政策仍有望持續保持緩和的態勢,為行業發展留下空間,指醫藥板塊估值有望進一步修復,建議優先配置創新藥、耗材與設備。
該行表示,在政策整體緩和的大背景下,建議投資者優先關注有創新或出海能力的創新藥企,與集採落地或有創新能力的耗材企業;同時,在醫療新基建鼓勵下,建議關注有真正國產替代能力的醫療設備公司。
中金表示,由於醫療終端受疫情的影響始終處於波動狀態,建議投資者在估值合理的區間,積極佈局優質的醫藥消費或醫療服務公司,為疫後復甦做好準備。
中金亦表示,考慮疫情影響利潤上升速度,新開或擴建醫院投入較多,故將海吉亞醫療(06078.HK)明年歸母淨利潤預測下調5.9%至8.32億人民幣,並考慮到醫藥板塊估值中樞有望上移,故維持其目標價為50元和其投資評級為「跑贏行業」。(ca/w)
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