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《大行》交銀國際升先聲藥業(02096.HK)目標價至14.3元 產品銷售及出海潛力提升
交銀國際發表研究報告指,先聲藥業(02096.HK)近期在國際學術會議上公佈了蘇維西塔單抗、口服SERD、多款ADC等潛在重磅產品的優異數據。該行看好集團短期內達成更多出海交易的潛力、提升產品上市後的醫病認可度、加速公司創新平臺價值驗證。 交銀國際表示,基於上述先聲藥業的臨牀數據,對公司創新藥BD出海潛力和經POS調整銷售潛力有更樂觀的預期,上調相關產品的收入預測和潛在合作收入預測。該行又調升達利雷生的銷售收入預測,主要是由於同類競爭產品萊伯雷生近期在內地獲批、且暫未被列入管制藥品目錄,擁有同類最佳潛質的達利雷生有機會在獲批後享有同等待遇,市場空間可望顯着擴大。此外,該行上調公司的利潤率預測,以反映收入中高利潤率的合作收入佔比提升。因此,該行上調公司2025至2027年的淨利預測6至11%。該行上調集團目標價至14.3元,評級爲「買入」。
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