《大行》里昂上調國藥(01099.HK)及上海醫藥(02607.HK)目標價 降華潤醫藥(03320.HK)目標價至5.6元
里昂發表報告指,雖然中國領先醫藥分銷商上半年業績未呈轉勢,但對該行業持結構性樂觀態度,原因包括醫療保險支出潛在放寬,考慮到醫療行業可能的反內捲措施,料優化集中採購政策,醫療保險基金的直接現金結算加強,國內減息周期有助於改善分銷商的財務槓桿。
里昂將國藥控股(01099.HK)目標價從20元上調至24.5元,將上海醫藥(02607.HK)H股目標價從12.3元上調至14.2元。同時將華潤醫藥(03320.HK)的目標價從5.9元下調至5.6元。三企均維持「跑贏大市」評級;作為純粹的分銷商,國藥控股是該行的首選。
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