《大行》招銀國際微降三生製藥(01530.HK)目標價至37.58元續籲買入
招銀國際研究報告指,三生製藥(01530.HK)上半年收入達44億元人民幣(下同),按年跌0.8%,主要受TPIAO銷售放緩影響,但部分被脫髮治療產品系列的強勁增長所抵消。期內,歸屬淨利潤按年上升24.6%至11億元,得益於財務成本按年減少49%。
儘管現有核心產品仍面臨壓力,公司預計將在2025至26年間推出多款新藥,包括608(IL-17A抑制劑)和613(IL-1β抑制劑)等,有望推動銷售收入增長。此外,該行認為707(PD-1/VEGF雙抗)有潛力成為全球重磅藥物;預計輝瑞將積極推動707的全球臨床開發以及聯合用藥方案等。該行認為707全球臨床試驗的啟動,有望成為集團盈利上行的重要催化劑;目標價由37.67港元微降至37.58港元,維持「買入」評級。
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