《大行報告》里昂升泰格醫藥(03347.HK)評級至「買入」 目標價117元不變
里昂發表研究報告指,泰格醫藥(03347.HK)近日股價調整,主因反映美國加息及估值高於同業的因素;相信在適度的新藥國家醫保目錄降價和更少的同質化競爭下,為新藥研發提供更好的風險回報,認為泰格醫藥研發和資金將逐漸從模仿項目轉向差異化項目,通過改善風險回報的商業化實現超額回報。該行認為,集團可能是中國藥物研發轉型的主要受惠者,將其評級由「跑贏大市」上調至「買入」,維持目標價117元。
該行預計,集團2023至25財年總收入分別為86億元、109億元及135億元人民幣,期內複合年增長率為23%,這是受惠於2022財年逾30%的新訂單增長以及中國的轉移至差異化研發。該行預計,集團的利潤率將保持穩定,期內的每股盈利複合年增長率為24%。
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