大行评级|招商证券国际:上调中国生物制药目标价至9.8港元 指其潜力被低估

格隆汇
Aug 25, 2025

招商证券国际发表研报指,中国生物制药上半年收入按年增10%,达176亿元,超预期。管理层指引下半年增长提速,该行预计公司2026及27年将恢复双位数增长,又认为呼吸系统及肝病领域的增长潜力被市场低估,因公司有更优的增长前景与丰富的商业发展(BD)机会,将公司目标价上调至9.8港元,维持“增持”评级。 该行对中生制药持乐观看法,认为其作为行业领导者受益于肿瘤及外科、镇痛药物的强劲表现,以及集中采购政策稳定对均价的负面影响减弱。公司过去通过有效的资产处置,重新聚焦四大治疗领域,该行预计这将提升整体的经验效率和质量。

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