大行評級丨高盛：下調歌禮制藥目標價至13.86港元，維持「中性」評級

格隆匯

09/03

高盛發表報告指，歌禮制藥上半年淨虧損擴大至3.2億元，對比去年同期虧損8800萬元，亦高於高盛原先預期的1.94億元虧損。研發開支升至3.42億元，按年增133%，主要因公司加大代謝疾病管線投入，該行預期隨ASC30兩項全球三期試驗(AURORA-1、AURORA-2，約4,600人)啓動，研發開支將進一步上升。公司淨現金及存款約23億元，管理層重申現金狀況可支持至2029年，涵蓋ASC30計劃遞交後的資金需求。該行將2026至2028年各年每股盈測由盈利1.24元、每股轉蝕0.33元及蝕0.33元，分別調整至虧損0.73元/虧損1.26元及每股轉賺1.55元，12個月目標價由15.71港元下調至13.86港元，維持「中性」評級。

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