《大行報告》裏昂下調藥明康德(02359.HK)目標價至200元 評級「買入」
裏昂下調對藥明康德(02359.HK)目標價,由212.9元降至200元,維持「買入」評級。該行認爲公司將透過其綜合服務及強勁執行力,強化於全球小分子藥研發外判的領導地位。受惠全球及中國研發需求上升,導致客戶訂單持續填滿公司擴大的產能,公司今明兩年盈利清晰度高。該行預測藥明康德2020至2023年收入及淨利潤複合年增長率分別爲33%及36%。
該行指,藥明康德在全球小分子藥的市佔,由2019年下半年的11.5%,升至去年上半年的14.1%,預期公司在綜合服務、強勁研發隊伍及主動投資新科技下,市佔將繼續擴大。該行指公司已發展獨特的合約研發與生產組織模型,從臨牀測試前到製藥生產汲取整個價值鏈。公司亦建立全球最大化學隊伍以滿足多元需求。
該行亦認爲,細胞及基因治療合約、研發及製造組織模型投資爲長期投資,但仍受制於成本削減技術突破時間。有關業務佔公司去年首三季收入4%,公司2020年在有關方面的全球市佔爲6.7%,全球排名第四。
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