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《大行報告》麥格理首予藥明生物(02269.HK)「中性」評級 目標價45元
阿思達克 10-20 11:29
麥格理發表評級報告指,由於疫情期間供應限制,藥明生物(02269.HK)榮獲多項備受矚目的疫苗和抗體,該行預料,公司今年銷量增50%,其收入為主的市場份額由2017年的2.4%,增四倍至2021年的10.3%;公司今年上半年逾四成銷量,來自大型製藥公司,超過佔其20%至30%份額的傳統小型生物技術客戶。 該行表示,在商業收入方面,公司在2018年僅佔銷售額的2%,2021年則達16%,預料2026年將達到25%;收入組合呈利好轉變可減低盈利的變化,並增加現金流的能見度;該行預料,公司的自由現金流量在2025年表現正面,並能呈可持續增長。 該行表示,今年第三季全球整體合同生產服務板塊(CMDO)業績表現疲軟,故首予藥明生物目標價為45元,以及其投資評級為「中性」。
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