Goldman Sachs raises CSPC (01093. HK) target price to 13.5 yuan, buy rating-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Goldman Sachs raises CSPC (01093. HK) target price to 13.5 yuan, buy rating

AAFN2021-05-25

Goldman SachsPublish a report, willCSPC PharmaceuticalThe net profit forecast for each year from 2021 to 2023 is raised by 7.6%, 4.2%, and 5.9% respectively. Based on the classified and aggregated valuation method, the target price is raised from 12.5 yuan to 13.5 yuan, and the rating is buy, including the valuation of innovative drugs from 111 billion yuan to 85.9 billion yuan to reflect the impact of new drug price cuts. However, the valuation of generic drugs is raised from 24 billion yuan to 52 billion yuan, because as more new generic drugs gain market share through volume procurement, the growth prospects of related businesses will improve. Considering the price increase during the epidemic, the valuation of APIs was raised from 14 billion yuan to 23 billion yuan. Goldman Sachs pointed out that CSPC's first quarter sales were 6.7 billion yuan, a year-on-year increase of 9.9%, slightly higher than expected, mainly due to the rapid growth of new products after price cuts and the strong oncology product portfolio. Even if the product price is reduced, the profit margin in the first quarter has expanded significantly, and the gross profit margin has expanded by 3.1 percentage points year-on-year to 77%. It is estimated that the annual research and development expenses will reach 3.4 billion yuan to support the accelerated clinical progress. (ha/da) ~ Aastock Financial News Website: www.aastocks.com

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风雪腊梅
·2021-05-25
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Based on the classified and aggregated valuation method, the target price is raised from 12.5 yuan to 13.5 yuan, and the rating is buy, including the valuation of innovative drugs from 111 billion yuan to 85.9 billion yuan to reflect the impact of new drug price cuts. However, the valuation of generic drugs is raised from 24 billion yuan to 52 billion yuan, because as more new generic drugs gain market share through volume procurement, the growth prospects of related businesses will improve. Considering the price increase during the epidemic, the valuation of APIs was raised from 14 billion yuan to 23 billion yuan. Goldman Sachs pointed out that CSPC's first quarter sales were 6.7 billion yuan, a year-on-year increase of 9.9%, slightly higher than expected, mainly due to the rapid growth of new products after price cuts and the strong oncology product portfolio. Even if the product price is reduced, the profit margin in the first quarter has expanded significantly, and the gross profit margin has expanded by 3.1 percentage points year-on-year to 77%. It is estimated that the annual research and development expenses will reach 3.4 billion yuan to support the accelerated clinical progress. (ha/da) ~ Aastock Financial News Website: www.aastocks.com</p><p></body></html></p>","source":"aastocks","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Sachs raises CSPC (01093. 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HK) target price to 13.5 yuan, buy rating\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AAFN</strong><span class=\"h-time small\">2021-05-25 09:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Publish a report, will<a href=\"https://laohu8.com/S/01093\">CSPC Pharmaceutical</a>The net profit forecast for each year from 2021 to 2023 is raised by 7.6%, 4.2%, and 5.9% respectively. Based on the classified and aggregated valuation method, the target price is raised from 12.5 yuan to 13.5 yuan, and the rating is buy, including the valuation of innovative drugs from 111 billion yuan to 85.9 billion yuan to reflect the impact of new drug price cuts. However, the valuation of generic drugs is raised from 24 billion yuan to 52 billion yuan, because as more new generic drugs gain market share through volume procurement, the growth prospects of related businesses will improve. Considering the price increase during the epidemic, the valuation of APIs was raised from 14 billion yuan to 23 billion yuan. Goldman Sachs pointed out that CSPC's first quarter sales were 6.7 billion yuan, a year-on-year increase of 9.9%, slightly higher than expected, mainly due to the rapid growth of new products after price cuts and the strong oncology product portfolio. Even if the product price is reduced, the profit margin in the first quarter has expanded significantly, and the gross profit margin has expanded by 3.1 percentage points year-on-year to 77%. It is estimated that the annual research and development expenses will reach 3.4 billion yuan to support the accelerated clinical progress. (ha/da) ~ Aastock Financial News Website: www.aastocks.com</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">AAFN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"01093","symbol_name":"石药集团","start_time":0,"source_url":"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0","article_id":"2138503001","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/4b6684517506a0b0f4c4c5a1c4889261"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2138503001","pubTimestamp":1621907817,"columns":[],"sourceInfo":{"source_id":"aastocks","name":"阿思达克财经"},"weMediaInfo":null,"summary":"高盛发表报告，将石药集团  2021至2023年各年净利润预测分别上调7.6%、4.2%、5.9%，以分类加总估值法计，将目标价由12.5元提高至13.5元，评级「买入」，包括创新药估值由1,110亿元下调至859亿元，以反映新药降价的影响，不过仿制药估值就由240亿元上调至520亿元，因随着更多新的非专利药通过带量采购获得市场份额，令相关业务增长前景将得到改善。而考虑到疫情期间价格上涨，原料药估值由140亿元上调至230亿元。","collect":0,"end_time":0,"defaultTopTitle":"aastocks.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"01093":"石药集团"},"translate_title":"Goldman Sachs raised the target price of Shiyao (01093. 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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛上调石药(01093.HK)目标价至13.5元  评级「买入」</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛上调石药(01093.HK)目标价至13.5元  评级「买入」\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-25 09:56 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0><strong>AAFN</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>高盛发表报告，将石药集团  2021至2023年各年净利润预测分别上调7.6%、4.2%、5.9%，以分类加总估值法计，将目标价由12.5元提高至13.5元，评级「买入」，包括创新药估值由1,110亿元下调至859亿元，以反映新药降价的影响，不过仿制药估值就由240亿元上调至520亿元，因随着更多新的非专利药通过带量采购获得市场份额，令相关业务增长前景将得到改善。而考虑到疫情期间价格上涨，原料药...</p>\n\n<a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4b6684517506a0b0f4c4c5a1c4889261","relate_stocks":{"01093":"石药集团"},"source_url":"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0","is_english":false,"share_image_url":"https://static.laohu8.com/51f6b9126f36f92bbf92982596066e5a","article_id":"2138503001","content_text":"高盛发表报告，将石药集团  2021至2023年各年净利润预测分别上调7.6%、4.2%、5.9%，以分类加总估值法计，将目标价由12.5元提高至13.5元，评级「买入」，包括创新药估值由1,110亿元下调至859亿元，以反映新药降价的影响，不过仿制药估值就由240亿元上调至520亿元，因随着更多新的非专利药通过带量采购获得市场份额，令相关业务增长前景将得到改善。而考虑到疫情期间价格上涨，原料药估值由140亿元上调至230亿元。高盛指，石药第一季销售额为67亿元人民币，按年同比增长9.9%，略高於预期，主要因为降价後新产品的销售增长较快，而且肿瘤产品组合强劲。即使产品降价，但第一季的利润率明显扩张，毛利率按年扩张3.1个百分点至77%，预计全年的研发费用将达到34亿元，以支持加快临床进度。(ha/da)~阿思达克财经新闻网址: www.aastocks.com","news_type":1,"symbols_score_info":{"01093":1}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}