研報掘金丨德邦證券:百克生物業績預吿表現亮眼,維持“買入”評級
格隆匯7月12日丨德邦證券11日研報指出,百克生物(688276.SH)23H1業績預吿表現亮眼,帶狀皰疹疫苗有望帶動公司業績持續高增長。公司積極推進帶狀皰疹疫苗的各地准入及銷售工作,已有近20個省份完成准入工作,並陸續實現銷售和接種。同時,公司積極拓寬宣傳推廣渠道,構建數字化營銷模式,多措並舉提升該產品市場覆蓋率。公司持續夯實研發實力,差異化佈局疫苗管線+擬收購傳信生物,長期增長動力足。公司於2023年6月發佈公吿宣佈擬增資收購傳信生物100%股權(首期1.5億元),傳信生物在mRNA疫苗領域具有核心優勢,通過本次投資,百克生物將進一步加快建設 mRNA 疫苗研發、產業化平台,完善mRNA疫苗相關知識產權體系。考慮到公司帶狀皰疹疫苗持續放量潛力,該行持續看好公司全年業績的高速增長,預計23-25年業績分別為4.9/8.4/10.9億元,對應當前PE分別為51/30/23倍,維持“買入”評級。
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