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《大行》里昂料藥企增長勢頭持續 升翰森製藥(03692.HK)康哲藥業(00867.HK)目標價
里昂研究報告指,3間內地藥企包括中生製藥(01177.HK)、翰森製藥(03692.HK)及康哲藥業(00867.HK),上半年均錄得穩健業績,2024年下半年及2025年上半年均實現雙位數收入增長。該行預期勢頭將於2025年下半年延續,推動因素包括更多創新藥物上市及新產品銷售增加、內地醫療保險支出環境更有利、以及潛在的商業拓展(BD)收入。 股份方面,該行重申對中生製藥「跑贏大市」評級,目標價維持9.2元,料公司收入增長加速,2025至27年分別升12%、15%及16%;基於創新藥收入貢獻增加,預期利潤率亦有增長。 另外,該行重申對翰森製藥「跑贏大市」評級,目標價由27.8元升至43.1元,上調2025至27年收入預測19%至29%,淨利潤預測10%至29%,基於創新藥增長有機會好過預期,以及較高BD業務收入。 同時,該行重申對康哲藥業「跑贏大市」評級,目標價由10元升至15.6元,上調2025至27年收入預測0%至2%,淨利潤預測3%至6%,因今年上半年業績勝預期。
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