最坏的已过去，最好的还待来临
随着集团完成内部重组完成以及短暂阻力已过去，我们预计营业额的增长将会带动盈利。2018至2023财年销售额的预期复合年均增长率为32％，而我们预计在2021财年，联康将会转亏为盈。我们把联康集团首次评级为 ”买入“，目标价为0.31港元。
实现完全整合，而且产品多样化的生物制药公司
联康生物科技集团（690 HK或联康集团）是一家生物制药公司，专注于糖尿病，代谢性疾病、皮肤病学及眼科学的研究。该集团整合了研发、制造和销售三大价值链部分。在2017财年和2018财年，由于内部重组导致营运成本上升及匹纳普 (集团的旗舰药物之一）短暂价格竞争，另加上减值损失，导致净亏损增加。然而，由于重组现已完成，成本控制渐趋稳定，而减值损失缩小，我们预计集团未来的经营会变得更可观。随着来自匹纳普的价格竞争结束，新药的引入和现有药物产品的产量加大，营业额将再次恢复增长。
2018－2023财年营业额复合年增长率预计达32%
在2021财年扭亏为盈
其于联康集团在重组销售团队，改善销售合作渠道及新药产品的成功，以及解决了来自现有产品和成本控制的问题，我们预计联康集团2018-2023财年的收入年复合增长率为32 ％。随着未来强劲的营业额增长及成本转趋稳定，我们预计集团的净亏损将收窄，在2021财年获得盈利。受收入增长及成本稳定所带动，我们亦预计2022及2023的核心盈利同比增长分别为213％及34％。
目标价为0.31港元，给予“买入”首次评级
根据我们的三段现金流折现法，我们把联康集团首次评级为 “买入”，目标价为0.31港元。主要风险包括：i）来自同行的价格竞争，ii）监管风险和iii）研发成本控制及减值支出。
HKF Research:
Uni Bio Group (690 HK), Initiate BUY, TP: HK$0.31
Worst is over, the best has yet to come
We initiate coverage on Uni-Bio this morning (12 August, 2019) before market open. With the group's internal restructuring complete and one-off headwinds past, we expect improvement in earnings going forward driven by revenue. In all, we expect a 32 % FY18-23E revenue CAGR and FY21E earnings turnaround. Initiate BUY with TP HK$0.31.
Fully integrated, multi-product biopharmaceutical firm
Uni-Bio Science Group Limited (690 HK or Uni-Bio) is a biopharmaceutical company that specializes in diabetes, metabolic related disorders, dermatology, and ophthalmology. The group integrates the three segments of the value chain namely, R&D, manufacturing and sales of biologic. In FY17 and FY18, the group saw increase in net losses from increase in operating expenses caused by internal restructuring and unexpected price competition of Pinup (one of the group's flagship drugs) and impairment losses. However, we expect better times ahead for the group as the restructuring is now complete and therefore costs have stabilized, impairment losses have narrowed. Revenue will also once again resume growth as price competition from Pinup (匹纳普) is over and with the introduction and ramp-up of new and existing drug products respectively.
32% FY18-23E revenue CAGR, FY21E earnings turnaround
We expect Uni-Bio to report a FY18-23E revenue CAGR of 32% driven by the group's successful restructuring of new sales team, new co-operations in improving sales channels, new drug products and the passing of one-off overhangs from existing drug products and costs. With strong revenue growth and stabilization costs going forward, we expect the group's net loss will narrow with the group turning profitable in FY21E and core earnings growth of 213% YoY and 34% YoY in FY22E and FY23E respectively driven by operating leverage from revenue growth and stabilization of costs.
Initiate BUY with TP HK$0.31
We initiate coverage with a BUY rating on Uni-Bio with a TP of HK$0.31 based on our three-stage DCF valuation methodology. Major risks include: i) price competition from peers, ii) regulation risks and iii) R&D costs higher than expected or unexpected impairment expenses.$联康生物科技集团(00690)$
来源：香江金融研报