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《大行報告》麥格理:內地大型藥企偏好排序為石藥(01093.HK)、翰森製藥(03692.HK)、中生製藥(01177.HK)
麥格理發表研究報告指,內地大型藥企能夠抵抗地緣政治風險,對行業的偏好排序為石藥(01093.HK)、翰森製藥(03692.HK)、中生製藥(01177.HK)。該行表示,以上三間藥企擁有強大的銷售技能和新興的研發能力,而過去五年的多輪藥品降價為市場提供了一個買入機會,因為其價格已經穩定。 該行指,中國大型製藥公司通過替代進口和擴大患者獲得負擔得起的藥品的機會來創造價值。儘管藥品降價,這些公司仍產生高而穩定的利潤和現金流。該行認為,經過8輪仿製藥和6輪創新藥降價後,市場已將負面因素計入藥企股價之上。中國藥品支出佔醫療保健支出的比例已降至正常水平,顯示藥品價格壓力將有所緩解。股價不再因新的降價消息而暴跌。此外,與同類醫藥合同定制研發生產企業(CDMO)公司相比,製藥公司受到地緣政治的影響較小。 麥格理予石藥、翰森製藥及中生製藥均「跑贏大市」評級,各予目標價10.4元、16.1元及4.6元。
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