汇丰研究发表报告指，康哲药业(00867.HK) 去年的纯利不如该行预期，主要因为创新产品及新业务的重大投资。该行因为公司的创新项目，料由今年起收入将录得双位数增长，而纯利会在2026年起录得双位数增长。该行将公司目标价由9.5元微降至9.4元，维持评级“买入”。
该行认为，公司估值依然吸引，料Ruxolitinib的推出和创新药物的业务发展会带来进一步的上行空间。该行亦认为，药品集中采购(VBP)的影响已逐渐减少，现料各创新项目会成为增长动力。
汇丰研究下调今明两年的收入预测5%至9%，至82.7亿元人民币以及95.5亿元人民币，主要因为新药的竞争剧烈。另上调期内的行政支出预测1%至5%，以及上调研发支出预测33%至35%，故将纯利预测下调21%至36%，到16亿元人民币及19亿元人民币。(vc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-20 16:25。)
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