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《大行報告》野村降國藥(01099.HK)目標價至33.31元 下調盈測
阿思達克 10-24 11:52
野村發表研究報告指出,維持對國藥控股(01099.HK)今明兩年財年的收入預測,較市場預期低2.7%及4.5%;另對公司盈利預測略為下調1.9%及1.7%,較市場預期低4.2%及4%,以反映今年下半年及以後的藥品與醫療器材帶量採購(VBP)帶來的毛利率壓力上升。 此外,該行認為目前內地反貪腐運動影響國藥第三季增長,而去年同期因防疫相關產品需求較高,導致基數較高,料公司第三季實現收入1,520億元人民幣,按年增長5%,按季則跌2%;估計公司首九個月收入按年增長11%至4,530億元人民幣。另預期公司第三季淨利潤達22億元人民幣,按年增長4%,首九個月淨利潤達63.5億元人民幣。 該行維持對國藥「買入」評級,但將目標價由36.28元降至33.31元,仍然看好公司實現高於行業平均增長的領先地位,相信是押注不斷增長的內地醫療保健行業的一個替代投資標的。
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