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港股異動丨石藥集團收跌超14%創階段新低,中期業績遜預期遭花旗高盛下調目標價
石藥集團(1093.HK)績後大跌,盤中一度跌近15%至4.83港元,創2019年1月以來新低;最終收跌14.44%報4.86港元,成交額放大至18.52億港元。花旗發表報吿,指石藥集團中期業績遜預期,上半年收入同比增長1.3%至163億元,較該行及市場預測各低出7%。上半年成品藥同比僅增長4.8%,未達公司雙位數增長的指引。受腫瘤藥物銷售所拖累,第二季成品藥收入同比跌8%至60億元。花旗將石藥2024至2026年各年收入預測各調低9%、17%及22%,以反映腫瘤藥物銷售下跌以及創新產品銷售較預期慢;而2024至2026年各年每股盈測亦各調低10%、18%及23%,目標價相應由13港元降至10港元,維持“買入”評級。高盛發表研報指,石藥次季業績遜預期,季度銷售同比跌9%,明顯低於該行本身已保守的預期,主要由於旗下數款腫瘤及心臟科藥物受多區域帶量採購(VBP)影響、新行業指引下營銷活動成效較低等因素。考慮到石藥新的VBP動態及2025年持續面臨的影響,該行將其2024及2025財年的成品藥物銷售額增長預測,分別修正為4%及6.5%。另外,高盛亦將石藥2024至2026財年各年銷售預測,分別下調10.7%、13.5%及12.4;各年盈利預測分別下調6.1%、13.2%及10.6%,以考慮VBP對主要腫瘤藥物的持續影響及新藥銷售較預期慢的因素。該行將石藥的目標價由10.26港元下調至10.03港元,維持“買入”評級。

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