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《大行報告》瑞銀升藥明生物(02269.HK)目標價至227元 料下半年使用率強勁復蘇
阿思達克 08-27 14:27
瑞銀發表報告指,雖然業務環境艱難,但藥明生物(02269.HK)在今年上半年仍簽署了38個新項目(早前指引為20個),令集團上半年收入及純利表現均優於預期。

該行上調藥明生物股份目標價,由167元升至227元,評級維持「買入」,認為集團已證明其有強勁的執行力;成本效益;及員工在危機中有積極性。另外,集團市盈率相對盈利增長比率為2.8倍,與環球同業平均的2.7倍相若,該行相信市場已大致反映集團一至兩年內的增長,但三至五年的更長期增長潛力則未反映。

瑞銀又稱,由於與疫情相關的額外項目,藥明生物現時的開發能力使用率為85%至90%,但上半年的產能使用率僅為60%,對比去年為80%。管理層預計,今年下半年的產能使用率將達到100%,因為其現有產能將全部由疫情相關項目填補。

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