《大行報告》中銀國際降三生製藥(01530.HK)目標價至6.2元 去年純利低於預期
中銀國際發表報告指,三生製藥(01530.HK)去年收入錄78億元人民幣,按年增長13.8%,符合該行的預測和市場預期,但由於營運支出、利息支出和其他一次性項目支出增加,純利按年下降19.1%至15.5億元人民幣,低於市場預期。經調整經營性盈利按年增長17.7%至19.5億元人民幣。
報告指,鑑於三生製藥今年首兩個月銷售趨勢穩定,管理層預計公司將實現兩位數的收入增長,並在今年實現良好盈利增長。展望未來,公司預計將採取更有吸引力的股息政策。
業績公佈後,該行將三生製藥今明兩年收入預測分別調整0%和2%,主要是由於特比奧的貢獻增加,並相應上調毛利率預測2.3和4個百分點。 與此同時,由於提前在海外市場建立了銷售團隊,將分銷和銷售費用提高到與去年相若。下調目標價至6.2港元,評級「持有」。
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