《大行报告》高盛首予药明生物(02269.HK)「买入」评级 目标价238.6元
高盛发表报告,首次覆盖研究药明生物(02269.HK),予其「买入」评级,目标价238.6元。
该行认为,药明生物有潜力成长为全球生物CDMO(合同开发和制造服务)/CMO(合同生产服务)的龙头,因集团的「跟随药物分子发展阶段扩大业务」(Follow-the-Molecule)的模式可尽早捕捉未来的市场占有率、有多种大分子专有技术的发现和开发,及有多元化的全球产能对应全球客户。
高盛提到,虽然目前药明生物估值似乎较高,相当於明年市盈率121倍,对比香港上市同业为62倍,但因环球需求稳固,认为集团可有长期结构性增长支持。该行估计,药明生物的增长在今年下半年会再次加快,料其2019年至2022年的收入/每股盈利年均复合增长率为37%。
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