《大行》大摩首次覆蓋恆瑞醫藥(01276.HK)H股予「增持」評級 目標價78元
摩根士丹利發表研究報告,認為恆瑞醫藥(01276.HK)在內地藥企中擁有最廣泛且最平衡的產品組合及管線,公司預期2025至27年將有47款新藥獲批上市。而公司自2018年起,有14個對外授權交易,涉資共150億美元,涵蓋不同階段及技術平台。加上國際藥企對採購內地藥企資產的興趣越來越高,該行料未來將有更多對外授權交易。
該行料恆瑞2024至27年間創新藥銷售的年均複合增長率為34%,公司收入及淨利潤的年均複合增長率分別料18%及24%;首次覆蓋其H股,予目標價78港元,恢復覆蓋恆瑞醫藥A股(600276.SH),目標價71元人民幣,均予「增持」評級,並將H股列為首選。
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