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《大行》華泰證券:看好科倫博泰(06990.HK)全年收入體量企穩 升目標價至528.36元
阿思達克 08-20 10:17
華泰證券發表報告指出,科倫博泰生物-B(06990.HK)上半年實現收入9.5億人民幣(按年跌31%及按季升73%),淨虧損1.45億人民幣,符合市場預期。該行認為,公司上半年收入按年下滑,但按季高速增長,主因:SKB264商業化進展順利(今年上半年公司藥品銷售總額為3.1億人民幣,SKB264佔比97.6%);授權費用2024年上半年為高基數,2025年上半年公司仍實現6.3億元人民幣許可及合作協議收入。 展望今年下半年,華泰證券考慮SKB264商業化持續發力,看好公司2025年收入體量企穩。基於國內海外數據利好頻出,MSD密集開展海外臨床+SKB571臨床進展,維持「買入」評級。 華泰證券考慮科倫博泰生物-的SKB264商業化放量節奏,預計公司2025至2027年收入分別為20.11億、26.19億、59.27億元人民幣(2025至2027年前值分別為23.61億、33億、64.88億元人民幣),料公司2026年或實現年度扭虧為盈(料淨利潤8,124萬人民幣)。DCF(現金流折現模型)估值法下給予市值1,232億港元,對應目標價528.36港元(前值:352.23港元)。
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