《大行報告》大和首予藥明康德(02359.HK)「跑贏大市」評級 目標價174元
大和發表報告,首予內地最大醫藥外包商(CXO)藥明康德(02359.HK)「跑贏大市」投資評級,目標價174元,相當於今年預測市盈率87倍。受一站式研發平台及快速發展的臨床及製造業務支持,該行料公司將晉身全球CXO領域龍頭企業。公司亦透過一連串投資捕捉行業趨勢及自投資對像獲得潛在研發合約,在合約研究以外建立醫健生態圈。
該行料其臨床合約研發板塊(CRO)2022至2022年收入年均複合增長達51%,合約發展及製造板塊(CDMO)年均複合增長則達43%。該行料兩板塊今明兩年貢獻整體收入增長約58%。該行料其臨床CRO毛利率由去年的15%擴至明年的25%,源於現場服務(SMO)自新冠疫情影響快速復甦。
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