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《大行報告》瑞銀降藥明康德(02359.HK)目標價至44元 今年指引低於市場預期
阿思達克 03-19 10:17
瑞銀發表報告指,藥明康德(02359.HK)2023年收入表現符合該行及市場預期,同年的淨利潤亦按年增加21%至107億元人民幣(下同),略勝該行及市場預期。該行亦指公司2023年的毛利率及淨利率分別為41%及26%,主要受惠於公司效率提高及外匯變動影響。 不過,瑞銀亦預計美國《生物安全法案》將會對藥明康德向美國客戶提供與政府相關的服務產生一定影響。該行引述管理層2024年的業務目標指,公司預計2024年全年總收入將達到38.3億元至40.5億元,意味按年介乎跌5%至升0.5%。撇除新冠相關產品收入則料按年增長2.7%至8.6%。大幅低於以往20%的按年增長預測。 另外,由於外匯變動影響及產能利用率上升,報告引述管理層預測2024年調整後的非國際財務報告準則(non-IFRS)淨利潤率將按年持平。至於2024年的預測資本開支為50億元,自由現金流則料介乎40億至50億元。 瑞銀降藥明康德今明兩年收入預測各8.8%,惟上調毛利率及經營利潤率預測,期內每股盈測分別降3.2%及5.8%,H股目標價相應由47港元下調至44港元,評級「中性」。
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