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《大行》野村:中生製藥(01177.HK)收購禮新醫藥回報具吸引力 升目標價至7.69元
阿思達克 07-16 11:19
野村發表研究報告指,中生製藥(01177.HK)宣布增持創新生物科技公司禮新醫藥95.09%股權,淨代價5億美元,總作價不超過9.5億美元,預料可顯著增強中生製藥的研發管線實力。 禮新醫藥目前擁有2個註冊臨床階段項目、6個一期/二期項目及逾10個臨床前項目,當中兩個核心項目已分別授權予阿斯利康及默沙東,潛在里程碑付款總額達36億美元。野村指出,中生製藥此次全資收購動用資金僅佔其2024年底現金儲備280億元人民幣的極小比例,認為通過此交易可快速充實研發管線及通過授權分成獲取潛在27億美元里程碑收入,財務回報具吸引力。 野村維持中生製藥的「買入」評級,並將目標價由5.52元大幅上調至7.69元,此按現金流折現率作估值,預測中生製藥2025年上半年收入將按年增長10%至175億元人民幣,估計上半年純利料達19億元人民幣。
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