富瑞：升石药集团(01093)目标价至7.2港元维持“跑输大市”评级_老虎社区_美港股上老虎

富瑞：升石药集团(01093)目标价至7.2港元维持“跑输大市”评级

智通财经03-26

智通财经APP获悉，富瑞发布研报称，石药集团(01093)去年业绩仍面临压力，全年收入同比跌10%至260亿元人民币，逊预期。虽然管理层预期成品药业务今年可恢复正增长，但市场关注潜在带量采购(VBP)风险，包括盐酸伊立替康脂质体注射液可能被纳入全国VBP。该行维持石药“跑输大市”评级，但目标价由5.9港元升至7.2港元。

富瑞认为，管理阶层预期带量采购的不利因素将在今年持续。虽然业务拓展(BD)是关键，但市场仍将股价押注预付款憧憬，随着预期上调，失望的风险正在上升。

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