《大行報告》里昂上調康龍化成(03759.HK)目標價至165.87元 評級「買入」
里昂發表研究報告指,康龍化成(03759.HK)去年度收入按年增長37%,盈利更升114%,符合市場預期,非國際會計準則調整後盈利亦按年增長94%,毛利率由2019年的35.4%,提升至37.3%。
期內實驗室服務收入增長37.1%,康龍化成為客戶提供藥物研發各階段服務,涉及739個藥物分子或中間體項目,其中487個為臨床前項目,臨床I-II期有202個,臨床III期有47個,處於商業化階段的項目有3個。
里即預期,康龍化成今年將繼續於先進的小分子技術上投資,以保持領先地位,並會加快建立生物製劑以及細胞和基因治療服務平台,從而成為全球領先的服務提供商。 管理層預計將在寧波工廠投資1,000至2,000萬美元,長遠來看中國市場將為收入貢獻超過20%。
該行預計,今年至2023年收入將可增長26%、24%及24%,並預測淨利潤增長22%、24%及23%,重申「買入」評級,目標價由106.47元升至165.87元。
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