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《大行》交銀國際升榮昌生物(09995.HK)目標價至103元 維持「買入」評級
交銀國際發表研報指,榮昌生物(09995.HK)第二季產品銷售強勁增長,收入按年增長47.6%,毛利率較去年同期提升7.3個百分點至84.4%,虧損錄1.95億元人民幣,按年及按季均有所收窄。管理層維持全年產品銷售增長30%以上的指引,目標明年實現收支平衡,預期至2027年撇除BD後可實現盈利。 交銀國際認爲,榮昌生物核心產品海內外研發進展順利,旗下「泰它西普」用於治療乾燥綜合症的國內三期研究達主要終點,下半年將遞交上市申請,並公佈數據。計及泰它西普授權,該行下調榮昌生物2027年收入預測,但上調淨利潤預測,目標價上調至103元,維持「買入」評級。
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