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《大行報告》瑞銀下調石藥(01093.HK)目標價至10.6元 評級「買入」
阿思達克 12-01 09:24
瑞銀發表報告指,石藥(01093.HK)第三季收入按年跌1.3%、純利按年升1.7%,兩者均符合市場預期,毛利率由去年同期的72.8%跌至71.4%,主要因為維他命C售價下跌。在內地醫藥行業反貪腐背景下,公司銷售開支比率由去年同期的34.3%下跌至27.4%。 該行將石藥今年至2025年三年期間的收入預測,分別上調1.3%、1.2%及0.7%,以反映對於已完成藥品的正面看法,另外下調銷售及一般開支預測,因此今年的每股盈利預測由0.5元人民幣上調至0.52元人民幣,明年每股盈利預測由0.53元人民幣上調至0.54元人民幣。目標價由11.1元下調至10.6元,反映今明兩年預測市盈率分別18.7倍及17.9倍,評級「買入」。
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