大行评级丨高盛:下调歌礼制药目标价至13.86港元,维持“中性”评级

格隆汇
Sep 03
高盛发表报告指,歌礼制药上半年净亏损扩大至3.2亿元,对比去年同期亏损8800万元,亦高于高盛原先预期的1.94亿元亏损。研发开支升至3.42亿元,同比增133%,主要因公司加大代谢疾病管线投入,该行预期随ASC30两项全球三期试验(AURORA-1、AURORA-2,约4,600人)启动,研发开支将进一步上升。公司净现金及存款约23亿元,管理层重申现金状况可支持至2029年,涵盖ASC30计划递交后的资金需求。该行将2026至2028年各年每股盈测由盈利1.24元、每股转蚀0.33元及蚀0.33元,分别调整至亏损0.73元/亏损1.26元及每股转赚1.55元,12个月目标价由15.71港元下调至13.86港元,维持“中性”评级。

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