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大行評級|招銀國際:首予中國生物製藥“買入”評級及目標價9.4港元

招銀國際發表研報,首次覆蓋中國生物製藥,予其“買入”評級,並基於10年的現金流折現模型(DCF)的目標價爲9.4港元,對應2026年經調整市盈率37倍。

該行認爲,中生製藥的創新藥迎來收穫期,生物類似藥快速增長,化學仿製藥業務保持穩健。根據醫藥魔方數據,公司目前已獲批的7款生物類似藥的樣本醫院市場容量合計爲240億元(2024年)。考慮到中生製藥在國內的成熟銷售網絡,該行預計其生物類似藥銷售有望快速放量,特別是首仿帕妥珠單抗。

招銀國際預計,中生製藥收入在2025年、2026年、2027年,分別按年增長11.4%、10.5%、9.6%,經調整淨利潤分別按年增長12.2%、11.5%、10.5%。基於謹慎的考慮,招銀國際的預測目前尚未考慮公司多個重磅創新產品的潛在海外授權BD貢獻。

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