《大行》交銀國際大幅上調榮昌生物(09995.HK)目標價至66元 評級「買入」
交銀國際發表報告,基於現金流折現率(DCF)估值,大幅上調榮昌生物(09995.HK)目標價由35.2港元升至66港元,評級「買入」。該行維持榮昌生物2025至2026年盈利預測不變,上調2027年及未來年度淨利潤預測60%以上。該行上調泰它西普的美國銷售高峯預測至15億美元。
榮昌生物剛宣佈以每股42.44元配售1,900萬股新H股,較前十個連續交易日H股平均收盤價 41.01元折讓約3.49%。扣除傭金及估計開支後,配售總募資淨額約7.96億港元,預計將用於泰它西普的適應症拓展(如重症肌無力、膜性腎病)及企業日常營運。
交銀指,此次配售價格折讓幅度合理,完成後將顯着緩解公司現金消耗壓力,該公司現金儲備近15億元人民幣。足以支持公司研發和營運直至盈虧平衡,經營風險有效降低。
報告提及,榮昌生物2025年首季度,實現營業收入5.26億元人民幣,按年增加59.2%,按季增加3.5%。該行維持公司在2025至2026年持續減虧、並在2027年實現盈虧平衡的預期。
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