藥明康德(02359.HK)：中國業務全面恢復，核心盈利快速增長，維持“增持”評級，目標價123.5港元
機構：中泰證券
評級：增持
目標價：123.5港元
2 季度起中國業務全面復甦，核心盈利大幅增長近三成
公司於 8 月 13 日晚間公佈 2020 年上半年業績，營業額同比增長 22.7%至 72.3 億人民 幣，反映核心業務盈利的經調整 Non-IFRS 淨利潤則同比增長 28.9%至約 15.2 億人民幣。 分季度看，2 季度收入同比增長 29.4%至約 40.4 億人民幣，而經調整 Non-IFRS 淨利潤則 同比增長約 42.9%至約 9.4 億人民幣。公司 2020 年 1 季度受新冠疫情影響，但是 2 季度 已經全面恢復。分板塊看，中國實驗室復工後業績快速增長，上半年收入同比增加 26.5% 至約 37.8 億人民幣，而小分子藥物 CMO/CDMO 業務收入則同比增長 26.5%至約 21.6 億人 民幣。以上兩項業務佔 2020 年上半年收入的約 82.2%,這兩項業務的快速增長彌補美國業 務和臨牀研究及其他 CRO 業務的放緩。
客户數量大幅增加，新冠疫情催生新的研發需求
公司 2020 年上半年新獲得 600 多個客户，目前共擁有 4,000 多個活躍客户。由於公司服 務涵蓋藥品與醫療器械、細胞免疫療法等多個領域，因此能滿足客户多樣性研發需求， 因此客户粘性越來越強，2020 年上半年來自原有客户和新增客户的收入分別同比增長 22.5%/26.7%。新冠疫情為公司帶來新的研發需求，公司成功研發針對新型冠狀病毒的小 分子藥物發現平台，目前為全球 50 多家客户提供研發服務，疫情催生新的研發需求。
重申“增持”評級和 123.5 港元目標價
公司各板塊上半年收入基本符合我們早前預期，由於增加新冠項目等原因公司研發與銷 售推廣開支略微增加。我們將 2020E 收入下調約 0.1%，2021-22E 收入分別上調約 0.5%， 2020-22E 經調整 Non-IFRS 淨利潤則輕微下調 5.7%、2.2%、2.4%，但是 2019-22E CAGR 仍將高達 28.1%，維持“增持”評級和 123.5 港元目標價，對應 72.9 倍 2021E PER。
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