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《大行報告》建銀國際降石藥(01093.HK)目標價至9.1元 創新藥不斷增加
阿思達克 03-21 11:17
建銀國際發表研報指,帶量採購導致產品價格下降,加上中樞神經系統及腫瘤領域產品增長放緩,令石藥集團(01093.HK)上季銷售額按年增長1.9%至76億元人民幣,低於預測的81億元人民幣。季度毛利率保持穩定,達71%,較該行預測低40個基點。 該行指,石藥集團在創新藥方面不斷推陳出新,今年包括JMT103及SYSA1802等在內的多種腫瘤產品即將上市或銷售放量,相信隨着產品「克艾力」(Ke Aili)因集中採購而降價的負面影響完全消散,集團的腫瘤科藥物銷售可恢復增長。 建銀國際將石藥2024至2026年銷售預測平均下調3.3%,指出帶量採購帶來的價格壓力仍然存在,同時由於銷售及營銷開支比率提高,將期內每股盈利預測相應下調5.5%,目標價亦從9.5元下調至9.1元,維持「跑贏大市」評級。
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