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《大行》交銀國際升翰森製藥(03692.HK)目標價至48元 維持「買入」評級
阿思達克 08-20 09:49
交銀國際發表報告指,翰森製藥(03692.HK)上半年產品銷售延續雙位數的強勁增長,同時在ADC和GLP-1產品系列上的BD(產品授權、收購、合作及戰略拓展)合作繼續貢獻可觀的合作收入。該行預計阿美樂的年銷售額仍有30億至40億元人民幣的增長空間,並看好BD常態化後產品國際化業績貢獻。 報告指,翰森製藥上調全年收入指引至高雙位數百分比,此前為雙位數,阿美樂和整體創新藥銷售指引分別維持在60億及100億元人民幣。公司將在下半年加大研發投入,預計研發費用增長38%以上,全年增長30%以上。 交銀國際指,翰森製藥作為創新藥佔比和出海進程遙遙領先同行的龍頭處方藥企,維持「買入」評級及行業重點推薦,目標價由33港元升至48港元,相當於預測明年動態市盈率2.2倍。
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