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大行評級丨招銀國際:大幅上調石藥集團目標價至10.08港元 BD交易將成盈利增長關鍵驅動因素

招銀國際研究報告指,石藥集團業務在今年首季是實現按季復甦,首季總收入爲70億元,其中包括來自授權許可(BD)的7.18億元收入。剔除BD影響後,核心收入達到63億元(按季增長1%),佔該行先前2025財年預估的22%,核心淨利潤達到8.68億元(按季增長58%),佔2025財年預估的27%。

該行認爲,集團的BD交易將是推動盈利增長的關鍵可持續驅動因素。考慮到短期內三項潛在大型BD交易的積極貢獻,預期集團2025年的收入和淨利潤將分別按年增長5.8%和30.4%。該行將石藥集團目標價從5.71港元上調至10.08港元(加權平均資本成本9.49%,長期增長率2.0%),維持“買入”評級。

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