《大行報告》野村首予藥明康德(02359.HK)「買入」評級 目標價129元
野村發表的研究報告指,首予藥明康德(02359.HK)「買入」評級,目標價129元,認為公司是一站式服務供應商,由藥物開發、臨床合同研究組織(CRO)至醫藥合同定制研發生產(CDMO),服務覆蓋化學及細胞/基因治療,現價相當於預測2020年市盈率的77倍,該行估計受惠CDMO及實驗室服務,公司2020至2030年的收入年複合增長達24%,同時亦料美國實驗室服務、臨床CRO將帶有強勁增長,而細胞及基因治療CDMO需求亦有增加等。
該行引述公司指,去年藥明康德在內地化學藥開發市佔約為16%,而化學藥CDMO市佔則為6.8%,估計2020至2030年增長將強勁,而內地實驗室服務員工人數年複合增長將達12%,另外亦預期商業項目佔CDMO分部比例將增加。
該行指出過去三年細胞及基因治療的年複合增長為36%,顯著高於環球其他藥物的增長,有29%的產品處於二期至三期開發,反映CDMO服務需求短期將增。雖然現時美國實驗室服務市佔有限,但留意到其收入增長強勁,而在臨床CRO服務方面,該行估計公司受惠一站式服務平台可繼續獲得新訂單。
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