《大行》富瑞降石藥(01093.HK)評級至「跑輸大市」 目標價升至5元
富瑞發表研究報告指,石藥集團(01093.HK)股價年初至今累計上升70%(單計過去兩週漲逾三成),主要來自於市場對其商業開發潛力的高預期及迎來盈利拐點的憧憬,不過如今利好因素似乎都已反映在股價表現之上。雖然管理層透露今年或達成三項授權交易,規模達50億美元,但富瑞認爲要達成該等交易並非易事,加上恩必普等核心產品銷售持續面對下行風險,預測恩必普注射液及膠囊銷售額將分別由去年的49億及前年的28億元人民幣,降至2030年的分別17億及18億元人民幣。
富瑞將石藥的評級從「持有」降至「跑輸大市」,以反映其現價估值偏高,仍看好集團是中國最成功的製藥公司之一,將2025至2027年收入預測調整爲287億、276億及264億元人民幣,淨利潤預測調整爲41億、36億及31億元人民幣,目標價從4.6港元上調至5港元。
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