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《大行》華泰證券升翰森製藥(03692.HK)目標價至42.53元 看好持續創新及穩定增長
阿思達克 08-22 09:59
華泰證券研究報告指出,翰森製藥(03692.HK)今年上半年實現收入74.34億元(按年增14%y),淨利潤31.35億元(按年增15%);其中,創新藥實現收入61.45億元(按年增長22%),佔比提升至83%。該行看好公司持續創新驅動穩定增長和BD(商務拓展),予該股維持「買入」評級。 該行表示,截止當前,翰森製藥已有8+1款創新藥、12+2個適應症獲批(另有3個新適應症已NDA),此外共有超過40個新分子實體在研,預計2025年公司創新藥銷售收入將突破100億元,收入佔比突破80%。 華泰證券預計翰森製藥2025至2027年歸母淨利潤分別為52.02億、54.8億、57.27億人民幣(分別上調10%、30%、21%,主因上調BD里程碑收入預測),對應每股盈利為0.88元、0.92元0.96元人民幣。該行又給予公司SOTP估值2,529.44億港元,對應每股目標價42.53港元(前值28.95港元),估值調整主要基於更為積極的合作收入預期:隨著GSK登記HS-20093海外臨床,公司對外授權項目將陸續進入臨床甚至關鍵臨床階段,因此該行上調對外授權里程碑收入預測;同時補充對外授權項目的海外銷售額及成功率預測。
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