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《大行》大和升中生製藥(01177.HK)目標價至10元 維持「買入」評級
阿思達克 09-17 11:28
大和研究報告指,中生製藥(01177.HK)創新藥銷售如期推進;三年產品推出計劃向上修訂。上半年,其創新藥產品收入按年增長27%,達78億元人民幣。對於產品推出,中生製藥預計創新產品總數將於2025、2026和2027年分別達到21個、26個和逾35個。 報告指出,中生製藥主要變化是2027年新增3款藥物推出,分別為TQC3721(PDE3/4)、LM-302(Claudin 18.2 ADC)和TQC2731(TSLP mAb)。中生製藥現預計TQC3721(PDE3/4抑制劑)的授權交易將於2025年內完成,因其表示正在與潛在合作夥伴修訂條款,鑑於Verona/默克於7月9日宣布,以PDE3/4抑制劑為中心的100億美元併購交易。 大和維持中生製藥「買入」評級,以現金流折現率計,目標價從5.6元升至10元。大和又對公司2025至2027年收入上調介乎1%至6%,每股盈測上調介乎56%至106%,反映創新藥銷售預測獲上調,以及其他收入預測獲上調(因假設持續錄得來自科興生物的股息收入)。
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