大行评级｜招银国际：首予中国生物制药“买入”评级及目标价9.4港元

格隆汇2025-08-01

招银国际发表研报，首次覆盖中国生物制药，予其“买入”评级，并基于10年的现金流折现模型(DCF)的目标价为9.4港元，对应2026年经调整市盈率37倍。该行认为，中生制药的创新药迎来收获期，生物类似药快速增长，化学仿制药业务保持稳健。根据医药魔方数据，公司目前已获批的7款生物类似药的样本医院市场容量合计为240亿元(2024年)。考虑到中生制药在国内的成熟销售网络，该行预计其生物类似药销售有望快速...

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