《大行報告》大和下調石藥(01093.HK)目標價至8.4元 評級「買入」
大和發表報告指,石藥(01093.HK)首季受疫情影響、集採和原料藥利潤率下降拖累,收入按年增長2.3%至80億元人民幣,淨利潤按年增長1.7%至14億元人民幣。
該行指,石藥目前估值相當於2023年預測市盈率12.1倍,三年盈利複合增長率爲7%,比同行的平均水平折讓約15%。該行估計石藥今明兩年可能分別實現1%和8%的盈利增長,而同行的平均水平分別爲16%和12%。
大和表示,將石藥目標價由11.6元降至8.4元,按現金流折現率作估值,相當於預測2023年市盈率15倍,維持「買入」評級。
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