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《大行報告》瑞銀下調翰森製藥(03692.HK)目標價至17.1元 評級「買入」
阿思達克 03-30 14:00
瑞銀發表研究報告,指翰森製藥(03692.HK)去年業績遜預期,收入按年跌5.6%至94億元人民幣(下同),遜該行預期的103億元。純利按年跌4.8%至26億元,遜該行預期的29億元。毛利率及淨利潤率分別90.8%及27.5%,對上一年分別為91.2%及27.3%。整體而言,業績受累於第五及第七輪全國藥品集中採購,以及疫情封控對醫院病人求診量的影響。 隨著醫院病人求診量正常化,報告引述管理層指引今年收入料有雙位數增長。該行大幅下調今明兩年收入預測,以反映對核心藥品如Aumolertinib(阿美替尼)更保守的預測。該行下調2023-24年每股盈測至0.48元及0.54元人民幣,目標價由18.1元降至17.1元,憧憬醫保藥品目錄更新及醫院病人求診量正常化帶來的銷售復甦,維持評級「買入」。
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