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《大行報告》中銀國際下調翰森製藥(03692.HK)目標價至11.9元 評級「持有」
阿思達克 09-04 09:59
中銀國際發表報告指,翰森製藥(03692.HK)上半年收入45億元人民幣,按年升1.7%,差過市場預期。毛利率88.1%,按年下跌2.9個百分點,主要因為在新版國家醫保藥品目錄下,旗下藥物「孚來美」及「阿美樂」價格下調。研發開支9.29億元人民幣,佔收入20.6%,按年增加16.7%,純利下跌1%至13億元人民幣。 管理層指,旗下產品「阿美樂」被納入國家醫保藥品目錄後銷量急升,今年上半年銷量增加一倍,即使價格下調43%,仍然帶動收入正面增長,計劃擴充該藥的治療適應範圍,明年首季就該藥對於非小細胞肺癌進行輔助癌症治療提交新藥上市申請,預料明年獲批。 該行將翰森製藥目標價由15.3元下調至11.9元,以反映中期業績後下調收入及毛利率預測,評級「持有」。
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