《大行》中銀國際上調石藥(01093.HK)目標價至6.6元 續予「持有」評級
中銀國際發表研究報告指,石藥集團(01093.HK)首季業績疲弱,收入按年下降22%,淨利潤跌8.4%。雖然首季的合作收入為7.18億元人民幣,但由於去年同期的基數較高,加上集採和主要產品降價的負面影響,成藥收入按年下滑27%。毛利率按年降5個百分點,按季則跌1個百分點。剔除合作收入,集團的藥品毛利率實際按年跌8個百分點,按季降5個百分點。
報告提到,石藥集團管理層承認,由於醫院環境的挑戰,難以實現年度業績會議上給予的收入正增長預期。不過,除了SYS6010(EGFR-ADC)的潛在授權外,管理層預計今年還將達成另外兩項BD合作,每項交易規模均超過50億美元。
該行上調集團目標價由原先5.5元升至6.6元,主要是基於SYS6010(EGFR-ADC)、KN026(HER2/HER2)、GLP-1產品組合等候選藥物的臨床進展,並維持該股「持有」評級。
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