康龍化成(03759.HK)3Q20業績：利潤率持續提升，維持“買入”評級，目標價135.0港元
機構：浦發銀行
評級：買入
目標價：135.0港元
維持買入評級，提高 12 個月目標價為 135.0 港元，潛在升幅 20.6%。
收入和利潤增長強勁： 3Q20 收入 13.9 億人民幣，同比增長 41%，繼續維持較高增速。公司三大業務板塊實驗室服務、CMC 以及臨牀研究服務 3Q20 收入同比增長 42%、40%和 39%。其中實驗室服務繼續受益於海外訂單轉移，業務需求強勁。公司參股的 Zentalis 於 2020 年 4 月在納斯達克上市，由於 Zentalis 股價於 3Q20 下跌 32%，導致公司 3Q20 錄得相應公允價值損失約 1,900 萬人民幣。3Q20 歸母淨利潤3.1 億人民幣，同比增長 86%。剔除 Zentalis 投資收益、外匯合約及固定資產處置等相關損益，公司 3Q20 扣非歸母淨利潤增長 42%至 2.44億人民幣。
利潤率持續上升： 3Q20 毛利率由於規模效應同比提升 3.7 個百分點至 39.7%。2020 年前三季度，實驗室服務、CMC 服務以及臨牀研究服務分別為 43.3%、31.7%以及 18.0%。根據公司於 1H20 業績會上給出的指引，預期實驗室服務毛利率未來幾年將上升到 44-45%。銷售費用和管理費用分別增長 40.9%和 29.4%。財務費用 3Q20 下降 78.8%，得益於上市後資金充裕償還了部分銀行借款，且利息收入同比大增。
淨利潤率由 3Q19 的 16.9%上升至 3Q20 的 22.3%。
重申買入評級，提高目標價至 135.0 港元： 我們重申買入評級，提 高目標價至 135.0 港元，對應 2021 年的 67.5 倍的 PE，略低於中國CRO 公司行業平均水平。基於前三季度的增長和持續提升的利潤率水平，我們調高財務數據預測，2020 年的收入和淨利潤增長率分別增 長 38%和 97%，2021 年分別增長 36%和 31%。 ? 投資風險： 投資收益波動；匯率變動；研發項目失敗。
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.
