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《大行》匯豐升康哲藥業(00867.HK)目標價至14.6元 「買入」評級
匯豐環球研究報告指,康哲藥業(00867.HK)過去3個月股價升幅超越恆指,主要因投資者對其創新藥管線持更樂觀態度,以及帶量採購(VBP)對其核心業務的影響逐漸消退。該行料集團今年全年收入有雙位數增長,明年純利亦有雙位數增長,受創新藥的推出所帶動;將目標價由12元升至14.6元,維持「買入」評級。 公司較早前建議分拆其皮膚科業務德鎂醫藥(Dermavon)獨立上市,該行認爲有利於股東回報,因公司可更專注於核心業務,而股東亦可以在沒有股權稀釋的情況下捕捉德鎂醫藥的高增長潛力。該行又指德鎂醫藥是國內領先的創新皮膚科經營者,有全週期的研發及商業化能力,料公司可高速增長,2024至2026年其收入的年均複合增長率達50%,但該行暫未將分拆納入評估範圍,因仍有待監管機構審批。
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