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《大行》交銀國際:港股處方藥板塊核心經營業務估值仍吸引 重點推薦先聲藥業(02096.HK)
交銀國際發表研究報告指,港股處方藥板塊年初以來表現亮眼,結合全醫藥產業及板塊內重點個股表現,市場的核心關注點包括大型BD出海交易及基本面預期變化。 報告提到,雖然板塊表觀估值水平較高,但剔除BD合作後的核心業務估值仍具吸引力,考慮到創新驅動下長期增長確定性持續提升,料未來仍有估值上調空間。 該行看好短期業績增長勝預期和長期創新價值兼具的公司,並挑選估值上行空間較大的個股,重點推薦先聲藥業(02096.HK),並建議重點關注翰森製藥(03692.HK)、中生製藥(01177.HK)、通化東寶(600867.SH)等存在出海或業績催化的公司。該行上調翰森製藥及中生製藥的目標價,分別為33元及5.9元,但將科倫藥業(002422.SZ)評級下調至「中性」,並維持恆瑞醫藥(600276.SH)和石藥集團(01093.HK)的「中性」評級。
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