《大行報告》瑞銀上調藥明生物(02269.HK)目標價至113.12元 評級「買入」
瑞銀發表報告,指藥明生物(02269.HK)上半年收入和純利勝該行和市場預期。未完成訂單總額增長至184.7億美元,綜合項目達534個。
報告引述管理層在電話會議表示,將2022財年收入和淨利潤指引由按年增長45%,提高至47%。該行對全球CDMO行業以及藥明生物CRDMO業務模式充滿信心,升今年盈測6.3%,並增今年至2024年各年資本開支預測至分別55億、65億及65億元人民幣,重申「買入」評級。以現金流折現率計,目標價由110.67元升至113.12元。
另外,瑞銀認為,藥明生物及公司被列入UVL和最近中美緊張局勢對其影響有限,因為北美地區增長達78%屬強勁,而且上半年超過50%新項目是由該地區貢獻。
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