Market Brief

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李樂雯女士 (Phoenix Li)
經理

現任職輝立分行經理,對股票、期貨投資經驗豐富。 樂意為客戶提供投資分析及買賣策略。 歡迎各位來電交流心得。
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遠大醫藥(00512.HK)

Monday, September 16, 2019 Views1015

集團業務結搆

公司主要於中國從事製造及銷售醫藥製劑及醫療器械、生物技術產品及營養產品、精品原料藥和其他產品。附屬公司武漢遠大製藥集團,是中國最大之安乃近製藥商之一,其另一產品替羅非班作為治療心血管疾病之主要抗血小板藥品主導中國醫療市場。另外兩種藥品重酒石酸腎上腺素及重酒石酸去甲腎上腺素已通過美國食品及藥物管理局鑒定,並出品至美國市場。

 

其中精品API及化工產品收入占比13%,包含安乃近, 氯霉素, 甲硝唑; 而生物及營養收入占比27%,包含氨基酸、生物酶; 牛磺酸(中國第二大牛磺酸生產商; 生物農藥、飼料; 皮質及性激素; 最大比重是制劑及器械產品收入占比60% – 眼科, 呼吸及耳鼻喉科, 心腦血管急救。

 

2019半年業績

截至2019年6月止半年度,營業額上升10﹒9%至35﹒87億元,股東應佔溢利增長73﹒4%至5﹒47億元。期內業務概況如下:整體毛利增加21﹒7%至22﹒72億元;醫藥製劑及醫療器械:營業額上升28﹒4%至19﹒99億元人民幣,其中五官科藥物及器械的營業額增長26﹒1%至11﹒72億元人民幣;心腦血管藥物的營業額增加57﹒1%至6﹒51億元人民幣;生物技術產品及營養產品:營業額增長5%至7﹒47億元人民幣;精品原料藥及其他產品:營業額下跌0﹒8%至3﹒57億元人民幣;
    

按地區劃分,集團營業額主要來自中國,其營業額上升15﹒6%至28﹒67億元,佔總營業額79﹒9%;美州及歐洲之營業額分別增加2﹒2%及9%,至1﹒85億元及3﹒07億元;亞洲(不包括中國)之營業額下降21﹒3%至2億元;
 

投資展望

Sirtex

於二零一八年六月,集團與CDH Genetech訂立了收購實施契約,以總代價約19億澳元認購Sirtex的100%股份,其中集團將會持有Sirtex的49%股本權益。主要產品SIR-Spheres釔-90,樹脂微粒的精準靶向放射治療產品,主要應用於肝癌的選擇性內放射治療(SIRT),用於治療不可手術切除中晚期肝癌患者。

中國核放療抗腫瘤市場 – 中國每年新發及死亡肝癌患者佔全球50%以上,相對其他國家,中國早期檢出率較低,意味著一個巨大的市場。CFDA 大力支持引入的國內緊缺的國外先進腫瘤醫療; SIR-Spheres相對其他現行及在研腫瘤售價較低,同時有潛力成為國家醫保產品。

 

建議

買入價格:4.1   目標價:4.6   止蝕價格:3.9

 

本人李樂雯為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益

 

 

 

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