康哲药业：分拆德镁医药上市潜力有望迎来释放

中金公司2025-04-23

公司近况4 月22 日晚，公司公告建议分拆子公司德镁医药于港交所主板独立上市，分拆建议仍需取决于相关部门批准、公司董事会以及德镁医药董事会批准。评论拟采用介绍上市方式，原股东权益不会被稀释。根据公告，建议分拆（若进行）采用实物方式向股东分派其持有所有德镁医药股份方式实施，股东享有的德镁医药股权不会被稀释。目前德镁医药90.8%股权由康哲药业持有，9.2%股权由两个员工激励平台持有。分拆完成上市后，...

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期）等。2024 年德镁医药实现收入6.18 亿元（YoY+30.7%），净亏损1.06 亿元。新融资平台上市有望为股东带来更高潜在回报。我们认为，分拆完成后，1）德镁医药有望独立进行融资活动，有望进一步改善公司运营和财务业绩，并更加集中发展其自身核心业务；2）提升德镁医药业务地位和市场形象，同时德镁医药已设立两份股权激励计划，独立上市有望进一步激励员工为德镁医药发展做出贡献，从而使公司股东持续获益。盈利预测与估值维持盈利预测不变，公司股价当前交易于10.8 倍/9.7 倍2025/2026 年经调整市盈率。维持跑赢行业评级和11.00 港元目标价不变，对应14.6 倍/13.1倍2025/2026 年经调整市盈率，隐含35.1%上行空间。风险集采负面影响超预期；研发失败；新品推广不及预期；国际化不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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康哲药业：分拆德镁医药上市 潜力有望迎来释放

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康哲药业：分拆德镁医药上市潜力有望迎来释放