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《大行报告》建银国际升药明生物(02269.HK)目标价至140元 料纯利复合增长率逾四成
阿思达克 01-22 11:00
建银国际近日发表报告表示,重申对药明生物(02269.HK)「跑赢大市」评级,上调对其目标价由65.7元升至140元,此按现金流折现率作估值,料可受惠於输入性项目,以提振销售表现。

该行指,药明生物拥大量未交付订单,将可确保可持续的长期增长,与新冠相关项目由去年第三季的1.7亿美元已升至约7亿美元。公司料新项目将於今年及明年入账。此外,药明生物预计已签署的3亿美元新冠疫苗项目,今年将大部分入帐。

建银国际料药明生物2020财年会增加80个项目,较去年第三季72个项目增加8个,并估计新冠疫情相关19个相关项目已达到顶峰,但盈利增长尚未完全反映在股价之上。该行上调药明生物2021及2022财年收入预测各19%及11%、升公司2021及2022财年纯利预测各19%及13%,反映其在大型项目的强劲执行力。

该行料药明生物未来三年纯利复合增长率逾40%,料其2020年至2022年纯利预测各为15.58亿、20.92亿及30.93亿人民币。

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