报告预计公司总体毛利率水平将在25至26财年期间，维持在86%水平(2024年上半年为86.5%)，主要由于“特比澳”价格将在期间维持平稳。该行指出，三生制药目前股价相当于预测2025和2026财年市盈率各5倍，处于历史市盈率估值区间的低位。China Merchants expects 3sbio to continue achieving double-digit total revenue growth in the fiscal years 2025 and 2026.
According to Zhito Finance APP, China Merchants released a research report stating that it maintains a "shareholding" rating for 3sbio (01530), with the target price raised from 10 Hong Kong dollars to 11 Hong Kong dollars, equivalent to a projected PE of 10 times for next year.
The bank expects that 3sbio's important product "Tebentafusp" achieved moderate results in the recent national negotiations renewal, while "Limoges" successfully entered the medical insurance catalog. Due to the moderate renewal results of Tebentafusp, the bank expects the company to continue achieving double-digit total revenue growth in the fiscal years 2025 and 2026.
The report expects the company's overall gross margin levels to remain at 86% during the fiscal years 2025 and 2026 (86.5% in the first half of 2024), primarily because the price of Tebentafusp will remain stable during this period. The bank pointed out that 3sbio's current stock price is equivalent to a projected PE of 5 times for the fiscal years 2025 and 2026, which is at a low end of the historical PE valuation range.
