大行評級|建銀國際:下調華潤醫藥目標價至5.9港元 下調今明兩年銷售及盈利預測
建銀國際的研究報告指,華潤醫藥2024年下半年銷售額只按年增長5.9%,達到129.1億元,低過該行預期。製造銷售額按年增長7.5%,達到22.5億元,低於該行預期,原因是化學藥品銷售疲軟,這受到API價格波動的影響。分銷銷售額按年增長6%,達到107.3億元,低於該行預期,因爲醫療器械業務放緩。零售銷售額按年增長2.1%,達到5.2億元,低於該行預期,因爲強勁的DTP(直接面向患者)增長能夠抵銷實體零售業務的疲軟。該行下調對公司今明兩年銷售預測4.9%,降今明兩年的每股盈利預測5.2%,至0.69元及0.77元,將目標價由6.4港元降至5.9港元,維持“跑贏大市”評級。
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