《大行報告》大摩下調石藥(01093.HK)目標價至11.7元 評級「增持」
摩根士丹利發表報告指,在納入首季業績後,對石藥集團(01093.HK)今年的銷售額預測大致不變,每股盈利預測則調低1%,以反映較低的毛利率假設,部分被營運成本節約所抵銷。同時將2024至2025年銷售額預測提高2%,因應管理層指引,且其加大了對DTP(Direct to Patient)藥店模式銷售渠道的投入,並與CNS專營店深化協同效應,該行對其皇牌產品治療中風的恩必普(NBP)短期銷售略趨樂觀。
該行相應地將2024至2025年的每股盈利預測分別提高3%和2%,以反映研發費用增加,但銷售開支比率降低。目標價由12.4元降至11.7元,評級「增持」。
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