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《大行報告》美銀證券重新予石藥(01093.HK)「跑輸大市」評級 目標價6.19元
阿思達克 06-02 15:03
美銀證券發表研究報告指,重新對石藥集團(01093.HK)進行評級,給予「跑輸大市」評級,指出石藥作為中國的領先的製藥公司,在神經系統疾病、腫瘤和其他治療領域均擁有多元化產品組合,但考慮到帶量採購等國家政策下主要產品有降價壓力,加上核心產品恩必普(NBP)專利明年到期,或迎來潛在競爭,以及對於mRNA平台收入貢獻的擔憂,目前對其看法審慎。 美銀指,目前公司成藥銷售高度依賴恩必普、歐來寧等六大重點產品,佔去年成藥總銷售額的約73%左右,預計集團未來整體銷售將受到帶量採購降價及競爭加劇的影響,因此該行2023至2025年收入預測分別較市場預期低2.6%、2.1%及7.8%,目標價為6.19元,對應2024年預測市盈率約9.8倍。
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