《大行報告》富瑞下調三生製藥(01530.HK)目標價至9元 評級「持有」
富瑞發表研究報告指,三生製藥(01530.HK)的核心產品特比澳(TPIAO)獲中國工信部審核,用於治療在兒童或青少年的慢性原發性免疫性血小板減少症(ITP),數據顯示產品三期臨床研究已達到預設有效率主要終點,見效快並具良好安全性。
該行表示,特比澳用於治療成人ITP及化療引起的血小板減少症(CIT)早於2006年上市,產品自2018至2021年的銷售額複合年增長率為23%,佔三生製藥2021年總收入的48%,預計潛在的適應症擴展將進一步擴大公司收入來源。
另外,公司旗下用於治療脫髮的外用藥蔓迪(Mandi)於去年上半年在同類產品中市佔率達72%,更成為阿里健康(00241.HK)及京東健康(06618.HK)「雙11」活動的非處方藥銷售排名第一。
考慮到公司的產品管線、市場競爭、合作、監管等因素,富瑞將三生製藥目標價由10元降至9元,評級「持有」。
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