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《大行》野村微降石藥集團(01093.HK)目標價至10.09元續籲買入
阿思達克 07-17 10:10
野村研究報告指,預期石藥集團(01093.HK)次季收入將年增7.4%至78億元人民幣(下同),符合市場預計。料成品藥銷售額下跌9%,合作開發(BD)收入約10億元,有助推動收入增長。預期次季毛利率將微降0.7個百分點至70%,其中成品藥銷售毛利率約65%,而合作開發收入則為100%。另外,管理與研發費用率下降,令經營利潤率提升0.6個百分點至23.5%,因此預期歸屬股東淨利潤將達15億元人民幣,按年升6.7%。 展望下半年,在低基數下,料收入及淨利潤將按年增26%及1.31倍,至160億及30億元,由約10億元的對外授權收入入帳及成品藥銷售反彈所帶動。就催化劑而言,除了公司先前預告的潛在大型BD交易外,其基於AI的藥物研發平台發展進度亦值得關注,該平台已協助公司完成分子對外授權。 該行維持石藥「買入」評級,目標價由10.22元微降至10.09元;將全年收入預測下調3.6%,但同時將盈利預測上調2.7%,因銷售費用降低。
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