《大行》招商證券國際下調石藥(01093.HK)評級至「中性」目標價降至9.3元 腫瘤業務遜預期
招商證券國際發表研究報告指出,石藥集團(01093.HK)今年二季度收入及淨利潤均不及預期,反映腫瘤和神經系統業務線的結構性下行,管理層重申EGFR ADC產品(CPO301/SYS6010)爲潛在商業發展(BD)催化劑,但該行認爲市場已消化相關預期。招商證券國際下調集團2025至2026年銷售及淨利潤預測,因公司核心業務表現乏力及BD預期過高,下調評級至「中性」和目標價至9.3港元(原本12.9港元)。
該行表示,展望未來,石藥集團的前景取決於商業合作戰略及後期管線商業化情況。市場關注其關鍵資產SYS6010。然而,回顧石藥過去在1.1類創新藥物研發的表現,該行認爲其在管線臨牀進展上落後於中國其他大型製藥及部分生物藥公司。
監於核心業務環比持續下滑,招商證券國際下調集團今明兩年的收入和淨利潤預測,以反映增長及盈利前景的短期壓力,預計2025財年經歷深度調整後,2026財年收入將趨於穩定。目標價調整反映盈利調整及拆股因素,該行根據成藥、管線及傳統原料藥業務的SOTP估值調整目標價,新目標價爲9.3港元,分別對應今明兩年19.4倍、17.9倍市盈率。
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