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《大行》花旗降國藥控股(01099.HK)目標價至22.7元 評級「買入」
阿思達克 08-26 10:28
花旗研究報告指,儘管短期面臨地區醫保基金壓力與帶量採購擴張帶來的挑戰,國藥控股(01099.HK)管理層仍對行業長期發展持積極態度,其強調自2025年次季起,政府對創新藥品與醫療器械的支持力度顯著提升,通過國家醫保談判納入的創新藥品快速增長,收入與毛利均有雙位數增長。受惠於創新藥品高速增長,上半年專業藥房銷售額亦按年增長13至14%。 管理層預期今年下半年起可能出現轉折點,因創新藥品及醫療器械銷售快速增長、專業服務帶動市場份額提升,以及去年下半年基數相對較低。 該行將2025至27年收入預測分別下調8%、9%及11%,淨利潤預測下調12%、11%及11%,目標價由23.8元降至22.7元,予「買入」評級。
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