《大行》匯豐研究料內地藥企上半年銷售額平均增逾一成 上調多間藥企目標價
匯豐研究報告指,年初至今內地醫藥股跑贏大市,該行自年初起持續看好創新藥領域,並預計強勁勢頭將維持。基於豐富的研發管線和臨床進展,該行預期2026至29年將有多款新藥推出,且今年下半年公佈的臨床數據有望進一步推動對外授權合作(BD)。考慮到領先藥企BD的收入潛力及新藥上市貢獻,該行將7間覆蓋藥企2025至27年EBIT預測上調0至3%,2028至32年的EBIT年均複合增長率上調4至8個百分點。
該行料其覆蓋的藥企今年上半年的產品銷售額平均增長約11.2%,符合市場預期,因多數上半年簽署的BD項目會於下半年確認入賬。長期而言,2025至27年領先藥企平均盈利的年均複合增長率預計達18%。
該行將恆瑞醫藥(600276.SH)目標價升至70元人民幣,翰森製藥(03692.HK)目標價升至45元,中國生物製藥(01177.HK)目標價升至8.49元,石藥集團(01093.HK)目標價升至10.7元,康哲藥業(00867.HK)目標價升至16.1元,均維持「買入」評級。
另外,該行將麗珠醫藥H股(01513.HK)目標價升至37.54元,A股(000513.SZ)目標價升至44.16元人民幣;復星醫藥H股(02196.HK)及A股(600196.SH)分別維持17.2元及25.3元人民幣,均維持「持有」評級。
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