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《大行報告》瑞銀降中生製藥(01177.HK)及石藥(01093.HK)目標價 首選先聲藥業(02096.HK)
瑞銀發表報告指,內地公共醫院及零售渠道的病人及客流量增加,內地醫療市場出現溫和復甦。據IQVIA,內地首五個月醫藥市場規模按年增長7.2%,3月至5月期間按月增長分別為25.9%、2.4%及負2.2%。該行相信5月按月稍微下跌與假期有關。從渠道上看,醫院銷售復甦強於零售,分別按年升7.4%及4.9%。按分類看,主要為傳統中藥的多款類別、呼吸道、防感染及醫院方案市場表現較突出,分別按年升9.8%至15.4%,腸胃及代謝與心血管藥表現跑輸。 該行表示,對其覆蓋醫藥股下半年展望仍然正面。多間公司表示首季癌症藥收入受低於預期的病人流量拖累,但在第二季情況改善,料趨勢延續至下半年。此外,多間公司的新藥在上半年獲批准,並合資格參與今年國家報銷藥品名單的磋商。 該行維持對其覆蓋醫藥股的原來投資評級,並以先聲藥業(02096.HK)為首選,但下調中生製藥(01177.HK)及石藥(01093.HK)等目標價。該行對醫藥股的最新投資評級與目標價詳見下表: 醫藥股│投資評級│目標價 恆瑞醫藥(600276.SH)│買入│49.1元人民幣->56.5元人民幣 華東醫藥(000963.SZ)│中性│50.4元人民幣 石藥(01093.HK)│買入│11.6元->11.1元 翰森製藥(03692.HK)│買入│17.1元 中生製藥(01177.HK)│買入│7元->6.4元 先聲藥業(02096.HK)│買入│13.4元->13.1元
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