大行评级|交银国际:上调中国生物制药目标价至8港元 维持“买入”评级

格隆汇
Jul 21, 2025

交银国际发表研究报告指,中国生物制药收购及降本增效努力效果显著,该行上调2025-27年经调整净利润预测10-11%,并上调目标价至8港元,维持“买入”评级,短期催化剂包括公司自研管线的潜在BD授权机会。 报告指,集团宣布拟以不超过9.51亿美元的交易对价收购礼新医药95.09%股权。剔除礼新医药于交割日的估计现金及银行存款约4.5亿美元,公司就收购事项待作出的付款净额约为5.01亿美元。本次交易完成后,礼新医药将成为中国生物制药的全资子公司,其主要研发及管理团队,将连同其双抗、ADC等技术平台一起加入中国生物制药。

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