研報掘金丨招商證券:首予神威藥業“增持”評級 目標價為13.8港元
格隆匯8月3日丨招商證券首次覆蓋神威藥業 (2877 HK),給予“增持”評級,基於DCF的目標價為13.8港元,認為公司估值吸引,23/24年預測市盈率為7倍/6倍,24年預測股息率為7%。該行預計神威藥業中藥配方顆粒業務收入在2023-25年間將分別達到人民幣16.21億元/22.62億元/31.39億元,分別同比增長47%/40%/39%;中藥配方顆粒業務增長將快於子行業增速,主要得益於其市佔率的持續提升。該行預計公司的四款已上市中藥創新藥/獨家品種的收入在2023-25年間將分別達到人民幣5.20億元/7.04億元/9.08億元,分別同比增長42%/35%/29%,主要得益於術前/術後和康復場景滲透率的持續提升以及醫院就診恢復後國談藥物的潛在放量。該行認為,公司是中藥行業系列利好政策主要受益者,隨着中藥配方顆粒和中藥創新藥的銷售收入增長,預計2023-25年間收入的複合年增長率為23%,經調整淨利潤的複合年增長率為18%。
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