《大行報告》花旗首予藥明生物(02269.HK)「買入」評級 目標價130元
花旗發表研究報告,首予藥明生物(02269.HK)「買入」評級,目標價130元,認為藥明生物是投資內地增長中的生物科技市場的代表。該行稱其在2019年內地生物製劑外包市場市佔達80%高踞榜首,其客戶包括數家內地核心生科企業。
報告稱,公司採取「贏取分子」的策略,在發展周期吸引客戶將分子由同業帶到公司。透過利用其高端技術、服務及產能,料持續贏得客戶。全球生物製劑外包市場而言,公司2019年市佔5.1%排名第三。
花旗稱,2021至2022年間,藥明生物客戶將推出更多產品,料提振公司醫藥定造生產(CMO)收入,包括基石藥業(02616.HK)旗下PD-L1。更甚者,藥明生物旗下Wuxi Vaccines與一家領先疫苗公司訂立未來二十年CMO合約,總值30億美元,料2022年起帶來收入貢獻。Wuxi Vaccines並與全球十大藥廠訂立九個月新冠疫苗原料藥供應協議,涉1.5億美元,可額外延長六個月,另涉1.5億美元;疫苗相關業務料屬公司重要增長動力。涉及新冠服務訂單價值共達5.28億美元。
該行料藥明生物2020年至2022年純利分別13.46億、20.6億及29.03億元人民幣,對應各年每股攤薄盈測32.9、50.4及71.1分人民幣,按年增長分別29.9%、53.1%及41%。
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