《大行報告》中金下調國藥(01099.HK)目標價至21.58元 評級「跑贏行業」
中金發表報告指,國藥(01099.HK)首三季收入達4,063.82億元人民幣,按年增6.6%,淨利潤59.57億元人民幣,對應每股盈利1.88元人民幣,按年增2.7%,符合中金預期。
中金預計,首三季公司器械板塊收入佔比達20%左右,零售板塊佔比則達6%左右,並認為,未來5年公司零售及醫療器械板塊有望進一步發展新業務,兩者收入佔比有望持續提升;中金表示,隨著疫情逐漸好轉,以及公司加大度進行佈局線上零售,中金認為未來國大藥房及公司相關零售業務板塊市場份額有望進一步擴大。
中金表示,首三季公司毛利率8.4%,按年跌0.1個百分點,隨著公司持續在新業務加大投入,高毛利業務在公司整體業務中佔比相對提升,故認為公司未來毛利率有望繼續保持相對穩定狀態。
中金表示,對公司盈利預測不變,將其目標價下調11.9%至21.58元,並維持其評級為「跑贏行業」。
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