《大行報告》交銀國際下調藥明生物(02269.HK)目標價至55元 評級「買入」
交銀國際發表報告指,藥明生物(02269.HK)上半年收入增速和新簽訂單放緩,行業景氣度有所波動。管理層預計上半年收入增長10至15%,低於此前指引的30%增速;今年1至5月,藥明生物新增項目或臨床前項目分別為25個和17個,低於去年上半年的59個和54個。
報告指,放緩的主要原因有全球生物醫藥投融資活動自去年起已明顯放緩,此背景下,公司面臨客戶早期研發外包需求下降、簽單周期拉長、價格競爭加劇等行業下行壓力;上半年公司工廠進行輪流整修,產能利用率有短暫下降。考慮到整修完成後利用率恢復、新CMO項目開始放量,公司維持全年收入增長30%的指引,而全年新增項目數量指引則由120個下調至100個。
交銀國際認為,受行業景氣度下行和競爭加劇的影響,公司短期業績尚存一定的不確定性,下調公司 今年至後年淨利潤預測7至9%,分別至50億/61億/75億元人民幣,下調目標價至55元,維持「買入」評級。
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