傑富瑞:藥明若放慢產能擴張將有利現金流 維持買入評級
傑富瑞發表報吿,認為藥明生物(2269.HK)若放慢產能擴張對公司的自由現金流正面,維持“買入”評級,目標價42港元。報吿指,投資者迫切想知道在當前的宏觀環境下藥明下一步可能會做什麼,特別是其產能擴張計劃。6月18日當被媒體問及美國擴張的進展時,公司迴應稱,“所有基地在建設過程中,都會有設計調整,這是正常運作”。這引發了對美國擴張正在放緩、暫停甚至是終止的猜測。該行認為,公司資本支出的任何放緩/減少都將允許短期內更強勁的自由現金流。亦允許公司保持低調,同時花更多時間(一至二年)評估局勢,包括《生物安全法案》是否通過,並在決定下一步之前觀察客户的行為及步伐。傑富瑞認為,如果一項法案獲得通過,很可能會有寬限期,仍有可能增加新項目,客户可能希望儘量利用藥明的產能。
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