汇丰研究发表报告指，国药(01099.HK) 今年第三季度营收增长1.9%，符合该行预期，但纯利按年跌20.9%逊预期。该行并指，考虑公司产品结构改善及进一步的利润率压力，国药业绩表现的转折点将推迟至2026年出现。该行表示，留意到国药持续面对利润压力、设备分销及零售业务业绩的不确定性，惟预计2025年的支付情况应出现改善。
汇丰认为，国药仍须一段时间才能看到利润率改善的明确迹象，特别是考虑到高利润的医疗设备分销业务目前正处于低迷状态。
该行维持对国药2024至2026财年零售药品业务收入基本不变。另外，基于公司产品改进速度放缓，该行将分销业务收入预测平均削减2%，利润率预测进一步下调20个基点。整体而言，该行预计国药2023至2026财年盈利年均复合增长率为2.2%(早前预测为5.1%)。
汇丰将国药目标价由20元下调至19元，维持“持有”评级。(js/da)(港股报价延迟最少十五分钟。沽空资料截至 2024-10-31 16:25。)
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