《大行報告》瑞信下調復星醫藥(02196.HK)目標價至32元 評級「跑贏大市」
瑞信發表研究報告,指過去幾個月香港及台灣的新冠疫苗接種量均有所下降,香港每日接種量(包括科興及復必泰)由上半年的4.3萬劑,降至7月至今的每日1.7萬劑;而台灣亦由7月底高峰的每日8萬劑,跌至自9月底的每日不足4萬劑。
該行預期,政府對復星醫藥(02196.HK)「復必泰」疫苗的採購亦會減少,預測今年下半年將銷售少於400萬劑,對比去年同期售出1,800萬劑,並將2023財年的疫苗銷量下調至200萬劑,但同時假設價格將會大幅上升,因輝瑞(PFE.US)早前已表示將提價四倍。
瑞信又指,復星醫藥的醫美業務步向成熟發展階段,肉毒桿菌毒素型產品 daxibotulinumtoxinA最近獲得美國FDA批准,於中國的第三期臨床試驗,預期將於今年第四季至明年上半年完成。
由於下調疫情相關及來自Gland Pharma的銷售額預測,瑞信將復星醫藥2022至2024年每股盈測分別下調8.5%、7.8%及7.9%,維持「跑贏大市」評級,目標價由38元下調至32元。
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