大和发布研究报告称,将国药控股(01099)评级由“买入”降至“跑赢大市”,原因是增长能见度有限,且国内政策影响不一。同时将2024和2025年营收预测分别下调8%和11%,意味着同比增长持平或6%,目标价相应由26港元降至22港元。
该行表示,对国药2024年第四季器械及零售药房业务的销售额保持审慎态度,预计集团整体收入和净利润将同比分别增长2%和下跌9%,达到1,530亿元和27亿元人民币。对于2025年,新管理层可能会专注于盈利增长和毛利率扩张。
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