大和:首予藥明康德(2359.HK)優於大市評級 目標價174港元
大和發表研究報吿指,藥明康德(2359.HK)加強臨牀及藥品委託開發生產服務(CDMO)將推動今、明兩年增長,並通過投資一站式平台以形成醫藥健康生態系統,故首予其優於大市評級,目標價為174港元。
大和預期,在去年受疫情打擊下,公司臨牀研發生產外包業務收入在2020至22年複合年增長為51%、CDMO則為43%,並料兩大業務將貢獻今、明兩年約58%的整體收入增長;而隨著臨牀試驗現場服務從疫情影響中快速復甦,估計公司生產外包業務毛利率將可由去年的15%,到22年提升至25%。
該行又認為,一站式平台將成為公司在全球行業中的核心競爭力,透過平台廣泛的交叉銷售將可進一步促進客户銷售。據大和基於公司2019年的收入估計,使用多種服務的客户每增加多1個百分點,整體收入將增加2.5%,反映出一站式平台的收入增長潛力。

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