You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨東吳證券:百濟神州澤布替尼海內外放量提速,重磅炸彈藥物潛力顯現
格隆匯5月23日丨東吳證券研報指出,百濟神州(688235.SH)是本土創新藥出海龍頭企業,全球商業化及臨牀團隊已搭建且趨於成熟。其中,澤布替尼海內外放量提速,重磅炸彈藥物潛力顯現;替雷利珠單抗適應症快速拓展,海外市場即將打開;產品收入高速增長,研發和銷售費用增速放緩,盈利拐點未來可期。此外,百濟已與多個MNC及Biotech達成重磅BD交易,在交易數量、涉及產品數量和金額等方面遠超同行。該行預計百濟神州將在2023年至2025年取得營業收入分別為140.0億、203.0億、288.0億元,分別同比增長 46%、45%、38%。現有臨牀後期及商業化產品將在2030年實現623億元的銷售峯值,相對估值給予5倍PS,合理市值為3115億元;採用DCF估值法,對應合理市值為2664億元。百濟目前仍有許多優質產品處於研發當中,後續隨着管線推進,公司的相對及絕對估值水平將持續提升,首次覆蓋,給予“買入”評級。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account