大摩：予上海医药(02607)“增持”评级 目标价降至17港元

Core Viewpoint - Morgan Stanley has downgraded the target price for Shanghai Pharmaceuticals (02607) by 5.6%, from HKD 18 to HKD 17, while lowering the profit forecast for 2024-2030 by 2%-9% due to a decline in the manufacturing sector's sales, but maintains an "Overweight" rating due to the complete integration of manufacturing, distribution, and retail providing synergies [1] Group 1 - The primary reason for the downgrade is the decrease in sales within the manufacturing sector [1] - The company's basic assumptions are based on stable network expansion and valuable distribution contracts [1] - Distribution sales growth is expected to remain in the low double digits, with diversification from generic drugs to innovative drugs and vaccines [1] Group 2 - The expansion of business outside hospitals is strong, providing new options for large pharmaceutical companies [1]