《大行報告》花旗下調藥明生物(02269.HK)目標價至105元 下調收入及每股盈測
花旗發表報告指,藥明生物(02269.HK)於昨日(20日)舉行投資者開放日,管理層表示,由於2022年上半年基數較高,加上在滿負荷運作三年後停產檢修,故今年上半年收入增長放緩,錄得低雙位數;即使面對挑戰,管理層仍保持其全年收入指引按年升30%,主要是非新冠收入業務增長按年升逾60%、經調整後純利增長指引為按年升26%。管理層預料未來3年收入複合年均增長率維持30%。
該行指,管理層預計未來10年製造業將推動公司增長,目前行業內生物製劑製造外包率仍較低(15-18%,小分子為60-70%),集團料跨國藥企(MNCs)的製造外包率將在3-5年內提高至30%。
考慮到生物技術融資放緩以及難以預測項目準確度,該行將公司今年、明年及2025年收入預測分別下調3%、4%及5%,每股盈測則下調5%、2%及2%,故將其目標價由120元下調至105元,維持其評級為「買入」。(ca/k)
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