三生制药(01530)今日盘中股价大幅下挫，跌幅达11.43%，引发市场关注。
消息面上，此次股价异动主要与摩根士丹利（大摩）发布的最新研究报告有关。大摩在纳入公司2025年业绩后，下调了对三生制药核心商业化产品TPIAO的销售预测及里程碑付款，主要原因在于美元兑人民币贬值的影响。基于此，大摩将公司2026至2028年的收入预测分别下调了5%、7%及6%，并调低了产品毛利率预期，同时调整了营运开支比率。相应的，大摩将同期每股盈利预测分别下调8.3%、14.5%及12.4%，目标价也从38港元下调至34港元，但维持“增持”评级。
尽管华西证券在另一份报告中，考虑到公司与辉瑞达成的重磅授权交易以及国内销售势头良好、新产品陆续获批等因素，维持了对公司的“买入”评级，但大摩下调盈利预测的举动，无疑加剧了市场对公司短期业绩的担忧，成为股价承压的主要导火索。
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