《大行》建銀國際升石藥(01093.HK)目標價至6.5元 維持「中性」評級
建銀國際發表報告指,石藥(01093.HK)2025年第一季業績見底,銷售額按年下降21.9%至70億元人民幣(下同),低於預期的72.6億元,因為神經系統和腫瘤藥物銷售額持續下滑。毛利率下降1.1個百分點至71.1%,比預期低0.6個百分點。
報告指,石藥第一季銷售和行銷費用按季下降8.6%,佔總收入的23.7%,低於預期的29.2%。營運利潤和淨利潤率分別為25.6%和21.1%,分別高於預期的12個和10.4個百分點。該行認為石藥的最壞時期已經過去,預計未來幾個季度核心業務板塊的銷售額將逐步改善。維持「中性」評級,目標價由4.8港元升至6.5港元。
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