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大摩:推荐信达生物制药(1801.HK)等 对药品集采等政策压力相对免疫
格隆汇 01-15 17:37

大摩发布报告称,内地医药股今年将继续面对药品集采等政策压力,推荐信达生物制药(1801.HK)、恒瑞医药等有创新产品管线的公司,因为它们对政策压力相对免疫。

该行称,随着内地经济放缓,内地医保预算将继续吃紧,对医保报销的控制会进一步加强,限制药品销售的增长,今年医药行业估值扩张空间有限,尤其是仿制药公司。对仿制药在盈利中占比较高的公司持谨慎态度,比如上海医药(2607.HK),但对石药集团(1093.HK)和中国生物制药(1177.HK)的看法更积极。

该行认为,研发服务公司相对较少受到影响,且受益于内地研发支出增加,予药明生物(2269.HK)和泰格医药“增持”评级。另外,今年有稳定增长的中药股将是避风港,比如云南白药和中国中药(0570.HK)。

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