《大行》花旗降石四藥(02005.HK)目標價至5元 予「買入」評級 是藥品GPO最大受益者
花旗研究報告指出,石四藥集團(02005.HK)今年上半年收入按年下降35%至21.47億港元,主要歸因於靜脈(IV)輸液及安瓿注射劑銷售量下降,淨利潤下降59%至2.84億港元。
花旗表示,在第11輪藥品集中採購(GPO)中,石四藥集團有包括溴己新在內的11種藥品,佔2024年預計銷售約1.5%,認爲石四藥集團很大機會贏得腹膜透析液並續約其他產品。
花旗將石四藥集團2025至2027財年收入預測,分別下調21%、20%、21%,每股盈利預測各下調38%,以反映最新銷售趨勢及因價格下降導致的較低毛利率;並將目標價從7港元下調至5港元,予「買入」評級,認爲集團是仿製藥企業中的贏家,也是藥品GPO的最大受益者。
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