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《大行》中金升康哲藥業(00867.HK)目標價至15.4元 中績略超市場預期
阿思達克 08-20 10:15
中金發表報告指,康哲藥業(00867.HK)上半年業績略超市場預期,收入40.02億元人民幣(下同),按年增長10.8%,全按藥品銷售收入46.7億元,按年增長8.9%,淨利潤9.41億元,按年增長3.4%,略超市場預期,主要因主要獨家/品牌創新產品銷售放量。 報告指,4月公司公告擬拆分德鎂醫藥以實物分派形式介紹上市,德鎂醫藥已建立全面、差異化皮膚健康產品組合,該行認為獨立上市有望釋放高速增長皮膚健康業務獨立價值;同時,7月公司於新加坡交易所主板實現二次上市,該行認為有望進一步把握新興市場增量紅利,打造多區域增長新格局。 中金維持康哲藥業2025年和2026年盈利預測不變。當前股價對應預測2025及26年市盈率分別17.3倍及15.6倍。維持「跑贏行業」評級,考慮板塊估值中樞上行以及德鎂業務進展良好,上調目標價40%至15.4港元,對應預測2025及26年市盈率分別19.8倍及18倍。
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