《大行報告》中銀國際降石藥(01093.HK)目標價至10.9元 季績弱
中銀國際發表研究報告指,石藥(01093.HK)第三季銷量為78億元人民幣,按季跌3%,按年增1%,弱於預期。總體成品藥的收入為64億元人民幣,如果不包括協作收入的影響,按年升4%。毛利率由第二季的71.2%進一部改善至第三季的71.4%,部分是由於成品藥較高的銷售貢獻。管理層預計,2023及24年銷售將分別錄得單位數增長和雙位數增長。
該行將2023至25年的收入預測下調2.6%至2.7%,以反映原料藥(API)收入較預期弱及醫藥反腐的影響,又將集團目標價由11.5元降至10.9元,維持「買入」評級。
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