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《大行報告》大和升藥明生物(02269.HK)目標價至135元 重申「買入」
阿思達克 01-22 13:01
大和發表研究報告,指藥明生物(02269.HK)過去三個月與全球客戶展開一系列合作,令該行相信新冠疫情推動更多客戶擁抱藥明生物平台,亦為未來可持續盈利增長鋪路;公司料將在2021至2022年持續錄強勁合約需求。大和重申予「買入」評級,目標價由118元升至135元。

該行料藥明生物去年全年錄積壓訂單110億美元,相當於按年增長116%。大和稱,三位數增幅受惠於公司與一家全球疫苗生產商的二十年30億美元疫苗CDMO(醫藥合同定製研發生產)合約,以及新冠相關項目疫苗及中和抗體訂單增加。大和亦留意到公司在非新冠項目上與全球客戶有更多合作,包括與德國Tubulis在抗體藥物複合體上合作。

此外,大和表示,部分公司表現勝預期,反映內地CRO/CDMO市場快速發展。藥明生物部分內地同業,如美迪西(688202.SH)、博通股份(600455.SH)及昭衍新藥(603127.SH)均公布了較市場預期為優的去年收入及盈利增長,意味內地整體CRO/CDMO市場增長動力良好。作為內地生物製劑CDMO龍頭企業,在現時正面市場環境下,該行料藥明生物去年業績將令人驚喜。

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