金吾财讯 | 翰森制药(03692)早盘股价逆市向好，截至发稿，报20.8港元，涨幅3.48%，成交额9142.99万港元。公司发布年度业绩，母公司拥有人应占溢利43.72亿元(人民币，下同)，同比增加33.39%；每股基本盈利0.74元，拟派发末期股息每股13.53港仙。期内，收入122.61亿元，同比增加21.35%。绩后，多家大行对其覆盖，中金表示，公司业绩高于该行预期，主因产品对外授权的首付款记账以及阿美乐销售高速放量。该行维持翰森制药“跑赢行业”评级，根据SOTP法估值，考虑到上调盈利预测以及公司产品销售收入增速平稳，该行上调目标价10.3%至23.30港币，对应31.5倍/29.5倍2025年/2026年P/E(15.9%空间)。由于阿美乐高增长，该行上调25年盈利预测5.1%至44.05亿元，并引入2026年盈利预测46.83亿元。另外，野村则将翰森制药目标价从18.36港元上调8%至19.86港元，评级为“中性”。报告指，集团2024财年销售额和利润率超出该行的预期。2024年下半年药品销售额按年增15%，主要受惠于创新药。2024财年业绩计，销售额按年增21.3%，较彭博共识和该行的预期高出2%。2024年下半年归属于股东的净利润按年跌17.2%。管理层对2025财年药品销售额目标是按年增10%。
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