汇丰研究表示，石药集团(01093.HK) 2024年第四季度业绩呆滞，受累集采带来压力。业务发展收入和新药销售的增长，将在2025年部分抵销成熟产品价格下调的影响。评级维持“持有”，目标价从5.2元下调至4.7元。
汇丰指出，石药发布盈利警告，预计2024年成品药销售下降7%，净利润下降26%至43.5亿人民币。这意味着2024年第四季度成品药销售和净利润分别下降约20%和60%，主要受到“津优力”和“多美素”因集采带来的负面影响。展望2025年，尽管自2024年起推出新药并对多个早期资产进行许可转让，该行认为相关收入贡献仅能部分抵销成熟产品销售下降的影响。因此，该行将其2025至2026年的盈利预测下调16%至24%。目前石药以预测2025年市盈率11倍交易，略低于香港同业的12倍，认为其估值合理。(ad/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-03 12:25。)
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