2022年7月19日

【每周股票relay】韓華投資證券預計三星生物製劑、Celltrion 2022年呈現強勁增長바로가기기자명李漢洙닫기國內一家券商近日發布股市報告，預計國內兩大生物製藥龍頭——三星生物製劑和Celltrion將呈現強勁增長。韓華投資證券(Hanwha Investment & Securities)的一位分析師預計，韓國兩家領先的生物製藥公司三星生物製劑(Samsung Biologics)和Celltrion今年將實現強勁增長。韓華投資證券(Hanwha Investment & Securities)分析師金亨秀(Kim Hyung-soo)強調，他的經紀公司維持對這兩家公司的“買入”評級。金代表表示:“三星生物製劑公司在今年4月將生物仿製藥開發企業三星Bioepis成立為全資子公司。“因此，我們根據兩家公司以前的交易細節評估了合並損益表。”根據Bioepis的銷售額和利潤，Kim預測，該公司第二季度的銷售額將達到6233億韓元(4.755億美元)，比去年同期增長51.2%，營業利潤將達到1771億韓元，同比增長6.2%。他預測，三星生物製劑在2022年的銷售額將達到2.56萬億韓元，在國內生物製藥企業中排名第一。金社長表示:“雖然因定期維修，第二工廠的利用率有所下降，但隨著1、3號工廠的全麵投產，以及藥品(DP)代工組織(CMO)生產量的擴大，預計銷售額將進一步擴大。”但是，為準備第4個工廠的運營而增加的銷售、一般和行政(SG&A)費用，將不可避免地侵蝕盈利能力。”金氏的結論是，證券公司對三星生物製劑股票的評價是“買入”，但將目標價從122萬韓元下調到120萬韓元。 The analyst painted a rosier picture for Celltrion, noting that the company would likely overcome the deterioration of profitability in the first quarter and see high sales growth in the second quarter. "For Celltrion, we forecast sales of 527.9 billion won in the second quarter, a 22.3 percent increase from 2021, and operating profit of 182.5 billion won, an 11.8 percent increase from a year ago," Kim said. "We also expect diagnostic kit sales, the cause of the deteriorating profitability in the first quarter, will decline 74.3 percent from the first quarter to 31.3 billion won, leading to a drop in logistics costs." Kim noted that the company's biosimilar sales increased by 22.7 percent, from 273.5 billion won in the first quarter to 335.7 billion won in the second, contributing to improved profitability. Overall, Kim estimated that the company would achieve annual sales and operating profit of 2.3 trillion won and 760.6 billion won, a 20.6 and 0.5 percent increase from the previous year. "Vegzelma, an Avastin biosimilar, is expected to receive approval in the second half, generating sales of 105 billion won this year," Kim said. "Also, as the company plans to launch Remsima SC and Yuflyma, a Humira biosimilar, in the U.S. next year, it will likely fill the sales gap caused by the Covid-19 diagnostic kits and increase profitability." Taken together, Kim said his brokerage raised the target price of Celltrion's shares from 210,000 won to 230,000 won.