《大行》野村料石藥(01093.HK)首季盈利升47% 升目標價至8.02港元
野村研究報告指,預期石藥集團(01093.HK)今年首季盈利升47%,收入則跌2%至88億元人民幣(下同)。成品藥方面,該行料3大藥物種類,包括中樞神經系統(CNS)、腫瘤及傳染病藥物的銷售額將分別按年跌8%、63%及26%,基於去年同期的高基數,以及腫瘤藥物面臨價格壓力。但該行認為去年兩項授權交易的潛在收入確認將可抵消藥品銷售額下降。
利潤率方面,該行料毛利率為75.7%,由藥物業務毛利率68%及授權業務毛利率100%所支持。預期銷管費用按年跌16%,因考慮到較少藥物銷售以致銷售開支較低;料經營利潤按年跌44%。該行將目標價由6.55港元升至8.02港元,予「買入」評級。
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