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《大行》招商證券升康臣藥業(01681.HK)目標價至15.9元 估值低且股息收益率吸引
招商證券國際發表研究報告指,康臣藥業(01681.HK)上半年收入及淨利潤按年增23.7%和24.6%,均勝預期。腎病、婦兒及造影劑板塊均表現良好,銷量分別增28%、17.5%及22%,尿毒清顆粒(UCG)和源力康(YLK)持續推動增長。公司整體毛利率符合預期,且呈上升趨勢。 該行表示,康臣藥業正利用尿毒清顆粒的商業化成功,建構腎科領域全面的研發平臺和針對中國腎臟病管理市場的綜合解決方案,其腎病領域管線強勁,有助公司確立專科領導地位。 另外,管理層將其今年收入增長指引上調至15%以上。該行指,集中採購或於下半年輕微影響公司的造影劑板塊,但整體影響可控,預計公司今年毛利率將穩定在約77%,銷售及管理費用比率維持穩定。維持「增持」評級,目標價由13.9元上調至15.9元,認爲該股估值低,且股息收益率吸引。該行繼續看好其穩健的經營和高股息,並認爲公司在市場波動及地緣政治不確定因素中具備防守性.
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