瑞銀:首予康龍化成(3759.HK)“買入”評級 目標價61港元
瑞銀髮表報告,康龍化成(3759.HK)
提供涵蓋從藥物開發到臨牀服務的整個價值鏈的集成服務,料可繼續在小分子藥物開發領域獲得全球市場份額,預測2018至2023財年其收入複合增長率可達29%,淨利潤複合增長率則約39%。
報告指,與同業藥明康德(2359.HK)
類似,康龍化成為藥企提供一站式的合同研究組織(CRO)服務,業務涵蓋藥物開發至臨牀實驗,相信利潤空間較大的新藥品質安全把關(CMC)會是未來增長動力,收入佔比或由去年上半年的23%,增長至2023年的約三至四成,分部毛利率也有機會在規模效應下由近21%增長至約37%。
康龍化成去年上半年有88%收入來自海外客户,該行相信,在內地當局大力支持行業發展下,該公司未來或更加註重本地發展,未來兩至三年內地業務佔比或提升至20%。該行指,康龍化成目前股價水平為2021年預測市盈率的約32倍,考慮到2020年市盈率對比2020至2023年盈利複合年增長率為約為1.2倍,低於全球同業的1.8倍,首予目標價61港元及“
買入
”評級。
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