《大行報告》海通國際升藥明生物(02269.HK)目標價至47.82元 上調今年新增項目數預期
海通國際發表報告指,藥明生物(02269.HK)於摩根大通醫療健康大會,更新公司業務營運的若干進展。當中,去年新增項目數超預期,上調今年新增項目數預期。去年全年新增132個綜合項目,新增項目數於去年第一季度後觸底回升,去年非新冠新增項目數創歷史新高。公司上調今年新增項目數目標,由80提升至110個,持續擴大市場份額。
報告指,藥明生物共有 51 個臨床三期項目及24個商業化項目,其中已獲得18個外部轉入項目,其中包括 7 個臨床三期項目和2個商業化項目,某些可能是重磅藥物,為未來商業化生產收入增長奠定堅實基礎。公司預計有七個項目每年有望貢獻2億以上美元的商業化生產收入,十個項目每年有望貢獻1億至2億美元的商業化生產收入,八個項目每年有望貢獻5,000萬至1億美元的商業化生產收入,以上項目的 CMO收入預計超過20億美元。另外,愛爾蘭基地產能爬坡好於預期,預計於今年實現盈虧平衡。
根據更新業務進展,海通國際調整淨利潤預測分別為46.5億、53.5億、69.6億元人民幣,原預測為46.8 億、55.7億、72.4億元人民幣,按年增速-5.5%、15.0%、30.0%。由於同時在此次大會中,公司上調 2024年新簽項目數量預期,該行預計今年經調整利潤比此前加快。目標價由42.65元升至47.82港元,維持「優於大市」評級。
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