《大行報告》里昂上調康龍化成(03759.HK)目標價至125元 評級「買入」
里昂發表報告指,康龍化成(03759.HK)今年首季收入按年增長41%至21億元人民幣,稍優於該行預期,主要由於化學、生產及控制(CMC)業務收入增長強勁。至於首季純利按年上升1%至2億元人民幣,遜於該行預期,主因CMC產能擴至及匯率影響,令毛利率下降,加上臨床醫藥研發合同外包(CRO)業務的前期投資。
里昂上調康龍化成股份目標價,由123元升至125元,重申「買入」評級,並調升集團今年至2024年收入預測最多2%,以反映CMC收入增長強勁。而此三年盈利預測分別降低15%、降低4%及調升0.4%,反映匯率影響毛利及有新業務。
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