智通财经APP获悉，招商证券发布研究报告称，维持三生制药(01530)“增持”评级，目标价由10港元上调至11港元，相当于预测明年市盈率10倍。
该行预计，三生制药的重要品种“特比澳”已在近期完成的国谈续约中，取得了温和的结果，而“丽美治”亦成功纳入医保目录。由于特比澳的温和续约结果，该行预计公司将在2025和2026财年，继续实现双位数的总收入增长。
报告预计公司总体毛利率水平将在25至26财年期间，维持在86%水平(2024年上半年为86.5%)，主要由于“特比澳”价格将在期间维持平稳。该行指出，三生制药目前股价相当于预测2025和2026财年市盈率各5倍，处于历史市盈率估值区间的低位。
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