《大行報告》中信証券調整藥明生物(02269.HK)目標價至40元 新增項目數觸底回升
中信証券發表評級報告指,藥明生物(02269.HK)2023年新增項目數達到132個,非新冠新增項目數創歷史新高。即使2023年上半年早期項目的導入與進展受到生物醫藥領域投融資下滑的影響,但新增項目數在2023年下半年強勢反彈,公司市佔率進一步提升。
報告指,在短期內,海外投融資數已逐步企穩回升,下游需求回暖在即;中期來看,公司在手訂單充沛,業績增長確定性強;而隨著公司的跟隨並贏得分子(Follow&Win-the-Molecule)雙戰略的持續實行,管線內項目逐漸推進以及全球化的產能佈局,中金預計高項目價值的臨床三期和CMO項目數量將逐漸增多,並給公司長期業績帶來持續的推動力。
該行將公司在2023年至2025年每股盈測調整為0.79元人民幣、1.07元人民幣及1.47元人民幣,並將其目標價調整至40元,維持其評級為「買入」。(ca/cy)
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