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《大行》花旗升復星醫藥(02196.HK)目標價至35.3元 再聚焦研發變現潛力
阿思達克 09-18 12:30
花旗發表報告稱,與復星醫藥(02196.HK)聯席董事長關曉暉進行會晤。考量公司具吸引力的員工持股計劃目標、創新管線估值及潛在經營槓桿效應,將目標價從25港元上調至35.3港元,評級「買入」。復星醫藥現交易價對應2026及2027年預測市盈率20倍和19倍(以9月16日收盤價計),顯著低於港股主要創新藥企平均32倍及32倍水平。 花旗將復星醫藥2025至2027年收入預測上調0.5%、2%及3%,每股盈利預測上調3%、8%及6%,以反映進取的員工持股目標、對外授權交易持續帶來的項目變現潛力,以及研發架構重組提升的營運效率。該行小幅上調十年製藥業務收入年複合增長率及營運利潤率預測,並將加權平均資本成本從原先11%調整至9.5%。
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