《大行》花旗首予恆瑞醫藥(01276.HK)「買入」評級 目標價134元
恆瑞醫藥(01276.HK)今早高開1.7%升幅擴大,盤中曾高見66.25元,最新報64.6元上揚7.3%。
恆瑞醫藥(01276.HK)保薦人花旗發表報告表示,首次給予恆瑞醫藥H股「買入」評級,目標價為134元,認為是恆瑞醫藥製藥行業領先者及創新者,同時亦是中國製藥板塊的首選股之一。該行指是恆瑞一家擁有穩定現金流入的成熟醫藥企業,認為採用貼現現金流(DCF)方法來評估其公允價值最為合適。
該行預測恆瑞醫藥2024至2027年藥物銷售年均複合增長率將達22%,當中來自創新藥的銷售料增長35%,又指公司於2023至2027年已達成或潛在資產授權總額估計高達320億美元,相信未來幾年可繼續鞏固其國內市場領導地位。
花旗目前預測恆瑞醫藥2025至2027年收入將按年增長27%、18%及18%,淨利潤預測增長39%、23%及17%,收入及盈利預測較市場普遍預期高約12%至37%,認為其商務拓展潛力及多款重要創新藥的潛在銷售增長尚未充分反映。
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