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《大行報告》建銀國際升藥明生物(02269.HK)目標價至140元 料純利複合增長率逾四成
阿思達克 01-22 11:00
建銀國際近日發表報告表示,重申對藥明生物(02269.HK)「跑贏大市」評級,上調對其目標價由65.7元升至140元,此按現金流折現率作估值,料可受惠於輸入性項目,以提振銷售表現。

該行指,藥明生物擁大量未交付訂單,將可確保可持續的長期增長,與新冠相關項目由去年第三季的1.7億美元已升至約7億美元。公司料新項目將於今年及明年入賬。此外,藥明生物預計已簽署的3億美元新冠疫苗項目,今年將大部分入帳。

建銀國際料藥明生物2020財年會增加80個項目,較去年第三季72個項目增加8個,並估計新冠疫情相關19個相關項目已達到頂峰,但盈利增長尚未完全反映在股價之上。該行上調藥明生物2021及2022財年收入預測各19%及11%、升公司2021及2022財年純利預測各19%及13%,反映其在大型項目的強勁執行力。

該行料藥明生物未來三年純利複合增長率逾40%,料其2020年至2022年純利預測各為15.58億、20.92億及30.93億人民幣。

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