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《大行》大和降和黃醫藥(00013.HK)目標價至30元 下調銷售額預期
阿思達克 08-12 10:57
大和研究報告指,和黃醫藥(00013.HK)上半年產品銷售額按年下降4%至2.34億美元,主要因內地市場受競爭風險、團隊重組及行業反腐影響。另外,Sovleplenib進度延遲,公司目標於明年上半年重新提交申請。海外策略方面,集團將推進新一代Syk抑制劑研發,預計明年次季提交新藥研究(IND)申請。 正面而言,ATTC平台取得突破,首個候選藥物HMPL-A251的IND申請將於9月初提交,其臨床前數據將於EORTC會議公布;另外兩款ATTC藥物預計於明年啟動一期臨床試驗。此外,集團今年上半年淨利潤達4.55億美元,對比去年同期為2,600萬美元,主要因出售非核心合資企業部分股權,獲得4.16億美元收益。 基於下調國內藥物銷售預期,該行將2025至27年收入預測下調16至29%。現預期2025、26及27年藥物總銷售額分別按年增長6%、21%及28%,而原先估計為34%、36%及33%;最新料淨利潤分別為4.33億、3,000萬及4,000萬美元;維持「買入」評級,目標價由33元降至30元。
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