《大行報告》里昂下調藥明康德(02359.HK)目標價至115元 為行業整合中防守選擇
里昂發表報告預期,2024至2025年內地代工研發(CRO)藥廠進入轉型周期,全球研發外判供求失衡的情況明年將會持續,主要因為藥廠更選擇性地進行研發,持續研發的投資資金處於逆風,委託開發及製造服務(CDMO)市場競爭更趨激烈,認為藥明康德(02359.HK)是行業整合中的防守之選,評級「買入」,H股目標價由125元下調至115元。
該行認為,藥明康德的小分子藥物合同定制生產(CMO)收入增長,繼續是未來主要推動力,早期研發項目溫和增長,對今年至2025年各年每股盈測下調介乎0%至8%,並預期2024至2026年每股盈利複合年增長率為19%。
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