大行评级|花旗:下调石四药目标价至5港元 下调2025至27财年收入及盈利预测

格隆汇
Sep 05, 2025

花旗发表研究报告指,石四药集团今年上半年收入按年下降35%至21.47亿港元,主要归因于静脉(IV)输液及安瓿注射剂销售量下降,净利润下降59%至2.84亿港元。在第11轮药品集中采购(GPO)中,石四药集团有包括溴己新在内的11种药品,占2024年预计销售约1.5%,认为石四药集团很大机会赢得腹膜透析液并续约其他产品。 花旗将石四药集团2025至2027财年收入预测,分别下调21%、20%、21%,每股盈利预测各下调38%,以反映最新销售趋势及因价格下降导致的较低毛利率;将目标价从7港元下调至5港元,予“买入”评级,认为集团是仿制药企业中的赢家,也是药品GPO的最大受益者。

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