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《大行》Bernstein對中生製藥(01177.HK)目標價更新至7.9元 創新藥業務興奮位有限
阿思達克 08-20 11:35
Bernstein發表報告指,中生製藥(01177.HK)上半年總收入為176億元人民幣(下同),按年增長11%,超出市場預期1%。基本每股盈利為0.19元人民幣,按年增長15%,超出市場預期57%,主要受股息收入顯著增加的推動。 創新藥物板塊發展方面,該行認為公司在這方面努力頗多,但興奮位有限。公司展示了收購禮新醫藥後的創新產品線。大多數主要產品,如TQB3616、TQB2102、TQB2868等腫瘤學產品都並非全新,而來自禮新醫藥的少數新資產,如LM-168、LM-302亦都不具突破性。 在被問及許可授權潛力時,報告指,管理層提到的主要候選產品為TQB3721(為用於慢性阻塞性肺病或COPD的PDE3/4抑制劑)和TQB2102。該行認為,個別產品BD潛力存在,但整體產品線目前更適合國內市場。 Bernstein對中生製藥目標價更新至7.9港元,評級「與大市同步」。
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