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《大行報告》中金升藥明生物(02269.HK)目標價至96.8元 上半年收入增長超預期
阿思達克 07-20 14:37
中金發表報告指,藥明生物(02269.HK)預計上半年收入按年增長61%至63%,純利料增長35%至37%。由於客戶數量增加、商業化加速放量、實施上海業務連續性計劃等因素,雖然上海疫情期間有約3,000萬美元收入遞延至第3季,以及去年同期高基數,上半年收入和利潤增速仍高於早前管理層全年45%和 40%的增速指引,超出該行預期。 中金指,藥明生物指引全年新冠項目收入超過20億元人民幣,該行預計當中60%至70%的收入在上半年兌現,按年仍有增長。另預計上半年非新冠業務收入約有 70%左右的按年增長。雖然下半年公司計劃另外上線10萬升新產能,但該行仍預計下半年的利潤率仍能保持和去年同期較為接近的水平,維持公司全年收入和扣非淨利潤 45%和40%的按年增長。另外,截至4月,公司擁有9個商業化項目,該行預計2025年公司商業化項目數可達30個以上。 該行維持藥明生物今明兩年盈利預測不變,當前股價對應今明兩年市盈率分別為59.4和44.4倍。維持「跑贏行業」評級,考慮公司全球競爭力,上調目標價10%至96.8港元,對應明年55倍市盈率預測。
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