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《大行報告》大和:藥明生物(02269.HK)推新戰略及受惠新冠項目 管理層料明年收入增50%
阿思達克 10-21 10:21
大和發表報告表示,藥明生物(02269.HK)於昨日(20日)召開了分析員會議,更新了公司營運情況,公司管理層闡述其新戰略「藥物分子」,此為公司最近較同業在贏得更多後期合同。公司管理層指由於多個新冠病毒相關的項目及其「藥物分子」的戰略,管理層預計公司今年下半年收入將按年增長40%,料2021年收入將增長50%,並將2022年收入按年增速目標定於40%。

該行指,藥明生物完善其「藥物分子」策略,積壓訂單增長正邁向該行預期,料達102.73億美元,本年至今增長達101%。此外,該公司還簽署了一項新的價值高達4億美元的新冠疫苗協議,指相關數據再次強化該行對藥明生物能獲取全球客戶所認可的信心。

大和表示,重申藥明生物「買入」的評級及目標價為300元,此基於股價對未完成服務訂單比5.1倍。

該行表示,藥明生物在新戰略下,到2020年會有10個醫藥合同定制研發生產企業(CDMO)(為跨國製藥企業及生物技術公司提供醫藥特別是創藥的工藝研發及制備)外部項目轉移,高於之前所有年份增加的外部項目數量。此10個項目中,有6個處於三期臨床試驗階段,而1個與新冠病毒相關,此預示著近期收入增長趨勢。而公司管理層指出,新成立雙策略架構,是建立在藥明領先的技術和行業能力的基礎上,該行對公司新戰略組合帶來的潛在協同作用非常樂觀。

大和認為,藥明生物具有應對新冠病毒大流行的強大能力,指公司今年新增了72個新項目(第一階段為62個),創下了公司歷史上的最高紀錄。值得注意是,該公司成功簽署了另一項疫苗協議價值高達4億美元。目前正在籌備的項目總數達到312個,比年初至今增長25%。在新增加的項目,特別是逾20個與新冠病毒相關的項目(已簽署5.28億美元,另正商討中約5億美元)的推動下,估計公司來自新冠病毒項目的未完成服務訂單或可達到10億美元。

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