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大摩:维持同仁堂科技(01666)“与大市同步”评级 目标价降至7.5港元

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大摩发布报告称,下调同仁堂科技(01666)目标价8.5%,从8.2港元至7.5港元,预计其加权平均资本成本(WACC)为11.1%,10年能达到稳定增长,稳定增长率为2%,净负债比率为20%,并维持评级“与大市同步”。

该行指出,基于同仁堂科技2023年上半年业绩,下调对该公司2023-2030年盈利预测4%-9%,下调对其2023年每股盈利预测3.8%至0.5元人民币,并下调对毛利率预测。预计该公司2023年拥有收入和盈利双位数增长,主要受益于三部分:香港和海外子公司同仁堂国药(03613);同仁堂科技的的产品组合,专注内地市场;消费者健康和护肤/化妆品产品组合。

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