《大行报告》摩通升药明康德(02359.HK)目标价至200元 评级「增持」
摩根大通发表研究报告,最近与药明康德(02359.HK)管理层会面,去年药明康德股价升幅逾100%,与行业均值相若,但大幅跑赢MSCI中国健康护理指数去年62%的升幅。整体而言,全球外包需求料维持强劲。公司产能使用率续升,成为增长主要樽颈,因此,药明康德管理层料今年资本开支录显着增长。
该行料药明康德未来三至五年增长持续强劲,主因行业理想环境;全整合终端对终端服务;良好行业声誉及往绩;强劲执行力。该行维持予药明康德「增持」评级,目标价由143元升至200元。
报告补充,即使去年新冠疫情干扰及工厂关闭,去年首三季药明康德收入及经调整纯利仍按年升27%及33%,该行料药明康德去年全年收入升28%,今年加快至30%,大幅高於市场估算的27%增幅。
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