《大行報告》匯豐研究下調國藥(01099.HK)目標價至23.19元 降上海醫藥(02607.HK)評級至「持有」
匯豐研究發表報告指,中國藥物分銷行業上半年業績大致符合該行預期,但股價跑輸大市,主要反映第二季增長放緩,以及政策前景不確定,估計該行已覆蓋的龍頭企業,明年盈利維持約20%的穩定增長,主要受惠行業整合及藥店流量回升,由於對比基數較高,估計增長放緩的情況,在下半年至明年首季將會持續,目前行業估值合理。
因應上半年業績、匯兌因素及藥店流量回升,該行將五隻覆蓋股份,在今年至2025年三年期間的每股盈利預測,下調1至7%,目標價下調6至32%,藥店方面,偏好內地上市的大參林(603233.SH),分銷商方面,將上海醫藥(02607.HK)評級由「買入」下調至「持有」,以反映政策不確定及公司管治因素,目標價由19.9元下調至12.9元,另外維持國藥控股(01099.HK)「持有」評級,目標價由25元下調至23.19元。
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