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《大行報告》匯豐研究降石藥(01093.HK)目標價至7.25元 出售關鍵資產和批量採購壓力為主要下行風險
匯豐研究發表報告指出,石藥集團(01093.HK)股價年初至今累跌約16%,相對於恆指同期跌8%,主要由於市場關注於公司旗下藥物多美素或納入批量採購名單,以及對其將資產剝離給其子公司新諾威(300765.SZ)後可能成為控股公司的憂慮。 該行預期,石藥今明兩年的收入及盈利料有10%至14%增長,主要由於公司新藥上市,以及銘復樂(Mingfule)、伊立替康脂質體注射液(Irinotecan liposome)與PD-L1的推動,加上丁苯(酉太)(NBP)的穩健增長。該行認為,批量採購對公司多美素及丁苯(酉太)產品帶來中至長期的下行風險。 此外,該行指石藥持續出售關鍵資產予新諾威,短期內可能對公司H股估值產生負面影響。該行維持對其「持有」評級,目標價由8元降至7.25元。
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