金吾财讯 | 摩根士丹利发布报告，对中国生物制药(01177)2024年销售额预测下降1.2%，主要源于医保限制趋严下药品Ganmei销售表现不佳。值得注意的是，由于Pertuzumab生物相似药已于2024年12月获批，CDK2/4/6也将于2025年获批，基于此，大摩预计中国生物制药在2024-2025年的销售额将分别增长2.2%和3.7%。纯利层面，大摩上调了公司纯利预测11%，背后的关键因素是来自科兴生物约7亿元人民币的股息收入。不过，因略微上调销售成本预测，在2025-2026年，其纯利预计每年分别增长0.5%。综合上述因素，摩根士丹利将其目标价从4.5港元上调2%至4.6港元，维持“增持”评级。
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