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《大行报告》里昂上调药明生物(02269.HK)目标价至220.91元 评级「买入」
阿思达克 08-19 15:32
里昂发表研究报告,指出药明生物(02269.HK)上半年收入及经调整盈利分别按年增长21%及40.7%,超出该行的全年预测。由於业绩表现好过预期,将公司的目标价由原来的193.9元上调至220.91元,重申「买入」投资评级。

该行指出,虽然受到疫情影响,但公司在上半年增加38个综合项目,截至6月底止总项目数目达286个。期内,有3个第三阶段项目增至渠道中。由於受到疫情爆发影响,北美的收入增长放缓至3.7%,但来自中国的收入则增长43.3%,主要是因为复苏速度快。在其他亚洲地区的收入增长则达61.6%,显示其潜力庞大。

另外,管理层预期与新冠病毒相关的项目会在今年贡献超过8,000万美元收入,并在2021年贡献另外的1.5亿美元收入。上半年的资本开支为27亿元人民币,该行预期今年底将达至50亿元人民币。由於公司上半年的盈利增长表现较佳,及积压的项目开发速快更快,将公司2020年度的收入及经调整盈利预测分别上调至56.9亿元人民币及16.95亿元人民币,意味按年分别增长42.8%及40.7%。

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