大行評級|高盛:下調復星醫藥目標價至16.38港元 下調盈利預測
高盛發表研報指,復星醫藥首季銷售額遜該行預期,且在去年同季低基數下進一步下降,主要由於集中採購續約價格下調和區域性集中採購擴張,導致製藥銷售額按年跌約10%,儘管新藥銷售增長部分緩解相關影響。醫療器械業務由呼吸機銷售按年增23%帶動增長,但醫美設備和診斷試劑在疲弱消費環境下面臨壓力。服務業務因部分線上業務終止而按年下降2%,但線下業務隨着康復業務擴張實現增長。
該行對公司今年收入展望較爲保守,料按年跌4%。考慮到產品週期缺乏亮點、缺乏顯著增長動力,以及潛在生物類似藥集中採購壓力,盈利或取決於資產剝離。該行下調對公司今年盈利預測8.9%,明年及後年盈利預測下調0.4%及0.9%,目標價由17.27港元下調至16.38港元,維持“中性”評級。
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