研報掘金|招商證券:上調三生製藥目標價至11港元 預計特比澳已取得温和續約結果
招商證券發表報吿,預計三生製藥的重要品種特比澳已在近期完成的國談續約中,取得了温和的結果,而麗美治亦成功納入醫保目錄。由於特比澳的温和續約結果,該行預計公司將在2025和2026財年,繼續實現雙位數的總收入增長。
報吿預計公司總體毛利率水平將在2025至26財年期間,維持在86%水平(2024年上半年為86.5%),主要由於特比澳價格將在期間維持平穩。該行指出,三生製藥目前股價相當於預測2025和2026財年市盈率各5倍,處於歷史市盈率估值區間的低位。該行維持對其“增持”評級,目標價由10港元上調至11港元,相當於預測明年市盈率10倍。
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