You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》招商證券升中生製藥(01177.HK)目標價至9.8元 潛力被低估
阿思達克 08-25 12:12
招商證券國際研究報告,指中生製藥(01177.HK)邁向復興之路,是被低估的多元化大型藥企。其上半年收入按年增10%,達176億元人民幣,超預期。管理層指引下半年增長提速,該行預計公司2026及27年將恢復雙位數增長;又認為呼吸系統及肝病領域的增長潛力被市場低估,因公司有更優的增長前景與豐富的商業發展(BD)機會,將公司目標價上調至9.8港元,維持「增持」評級。 招商證券估計,中生製藥呼吸系統及肝病、代謝病領域收入略有下降,主要受集中採購(GPO)影響。展望未來,該行預計內地集採對中生製藥的影響將大幅減弱,2024年第十批帶量採購選中的產品僅佔公司總收入的1%。 該行表示,中國呼吸系統及肝病領域未來將有更高增長率,市場低估中生潛力,中生製藥長期以來是中國肝病領域的商業領導者。在肝病、代謝領域,其佈局的多款創新管線具備差異化優勢,覆蓋減肥、糖尿病和MASH等大適應症。公司正在開發口服PPAR小分子Lanifibranor(處於三期臨床),用於治療代謝相關脂肪肝炎(MASH),預計該款產品將推動公司肝病領域的復興。 招商證券對中生製藥持樂觀看法,認為其作為行業領導者受益於腫瘤及外科、鎮痛藥物的強勁表現,以及集中採購政策穩定對均價的負面影響減弱。公司過去通過有效的資產處置,重新聚焦四大治療領域,該行預計這將提升整體的經驗效率和質量。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account