2025-05-15-Jefferies-卫材（4523）_因指引令人失望_股票下跌_7页_136kb

Summary

• Stocks declined due to disappointing guidance, with expected sales and operating profit both below consensus.
• Key metrics: Global Leqembi sales target at ¥76.6bn (up 73% YoY), GPM expected to drop from 78.6% to 76.9% due to rising share of Leqembi.
• Cost-cutting plans: Reduce SG&A to ¥396bn from ¥408bn and R&D to ¥166.5bn from ¥171.6bn to offset sales flatness.
• Risks include Leqembi commercial failure, Alzheimer's candidate issues, and regulatory price changes.
• Valuation holds at ¥4,200 target, based on DCF model with WACC of 7% and terminal growth at 0%.