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高盛：石药集团NBP药品集中采购政策悬崖vs.新产品周期风险体现;盈利复苏有望重新评级;重申买入评级
01093CSPC PHARMA(01093) 国家金融与发展实验室(NIFD)·2024-05-28 05:42

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 Goldman Equity Sachs Research 28 May 2024 | 7:29AM HKT CSPC Pharma (1093.HK) NBP VBP cliff vs. new product cycle - risks reflected; earnings recovery fol potential re-rating: Reiterate Buy 12m Price Target: HK$10.26 1093.HK Price: HK$6.89 Upside: 48.9% Ziyi Chen +852-2978-0526zivi Goldman Sachs (Asia (from HK$9.73). NBP risk manageable: We see low chance for a VBP cliff for NBP in '24-26e, and believe the worst case scenario beyond '26 (i.e. VBP in '27, sales cut by Rmb5-6bn) has ...