Market Brief

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Author

邱俊瑜先生 (Porter Yau)
經理

主要按基本因素選股,但有時也會參考圖表、技術分析。除股票外,亦經常研究期權 。歡迎來電賜教或交流心得。
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四川科伦博泰生物医药股份有限公司

Tuesday, April 29, 2025 Views328

四川科伦博泰生物医药股份有限公司(股票代碼:6990.HK)是四川科伦药业股份有限公司(股票代码:002422)的控股子公司,專注於創新藥物的研發、製造及商業化。自2016年成立以來,科伦博泰始終致力於滿足中國及全球的醫療需求。依靠一體化的藥物開發能力和完善的管理機制,該公司專注於內部開發差異化的治療方法,旨在提升現有的醫療健康水平。作為抗體藥物偶聯物(ADC)領域的先驅和領先開發者之一,科伦博泰在ADC開發方面積累了超過十年的經驗,是中國首批建立一體化ADC研發平台OptiDC™的生物製藥公司之一。

業績表現

在2024年度,集團營業額增長25.5%,達到19.33億元人民幣。股東應佔虧損則縮減53.5%,降至2.67億元。年內業務概況如下:

  1. 整體毛利增長67.8%,達12.74億元,毛利率上升16.6個百分點至65.9%。
  2. 來自許可及合作協議的收入增長21.6%,達18.63億元,占總營業額的96.4%。
  3. 提供研發服務的收入增長1.1倍,達1828萬元。
  4. 藥品銷售收入錄得5170萬元。
  5. 截至2024年12月31日,集團的現金及現金等價物為13.37億元,租賃負債為1.27億元。

 

 

股本變化

內幕消息

本公司已完成H股全流通。共計25,421,196股內資股於2025年4月25日完成轉換,轉換後的H股將於2025年4月28日上午九時正開始在聯交所上市。

 

股價短評與建議

 

集團於2023年7月11日上市,上市價為$60.6,現價已上升至$300,短短一年半內漲幅接近5倍!由於業績尚無法評價,我對未盈利醫藥公司的前景並不熟悉,因此只能參考大型券商的盈利模型和目標價。根據綜合13間券商的報告,目標價範圍在$211至$354之間,目標價波動較大,平均目標價為$310,接近現價。

去年年底的配售價為$150,約為現價的50%。隨著全流通股份的申請,市場流通股數將會增加。基於以上因素,我認為目前的估值偏高,建議投資者考慮沽出或沽空。

  • 沽空價:$300
  • 目標價:$200
  • 沽空止損價:$340

 

 

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