《大行报告》大和:药明生物(02269.HK)推新战略及受惠新冠项目 管理层料明年收入增50%
大和发表报告表示,药明生物(02269.HK)於昨日(20日)召开了分析员会议,更新了公司营运情况,公司管理层阐述其新战略「药物分子」,此为公司最近较同业在赢得更多後期合同。公司管理层指由於多个新冠病毒相关的项目及其「药物分子」的战略,管理层预计公司今年下半年收入将按年增长40%,料2021年收入将增长50%,并将2022年收入按年增速目标定於40%。
该行指,药明生物完善其「药物分子」策略,积压订单增长正迈向该行预期,料达102.73亿美元,本年至今增长达101%。此外,该公司还签署了一项新的价值高达4亿美元的新冠疫苗协议,指相关数据再次强化该行对药明生物能获取全球客户所认可的信心。
大和表示,重申药明生物「买入」的评级及目标价为300元,此基於股价对未完成服务订单比5.1倍。
该行表示,药明生物在新战略下,到2020年会有10个医药合同定制研发生产企业(CDMO)(为跨国制药企业及生物技术公司提供医药特别是创药的工艺研发及制备)外部项目转移,高於之前所有年份增加的外部项目数量。此10个项目中,有6个处於三期临床试验阶段,而1个与新冠病毒相关,此预示着近期收入增长趋势。而公司管理层指出,新成立双策略架构,是建立在药明领先的技术和行业能力的基础上,该行对公司新战略组合带来的潜在协同作用非常乐观。
大和认为,药明生物具有应对新冠病毒大流行的强大能力,指公司今年新增了72个新项目(第一阶段为62个),创下了公司历史上的最高纪录。值得注意是,该公司成功签署了另一项疫苗协议价值高达4亿美元。目前正在筹备的项目总数达到312个,比年初至今增长25%。在新增加的项目,特别是逾20个与新冠病毒相关的项目(已签署5.28亿美元,另正商讨中约5亿美元)的推动下,估计公司来自新冠病毒项目的未完成服务订单或可达到10亿美元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.