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《大行报告》里昂上调康龙化成(03759.HK)目标价至165.87元 评级「买入」
阿思达克 03-31 10:11
里昂发表研究报告指,康龙化成(03759.HK)去年度收入按年增长37%,盈利更升114%,符合市场预期,非国际会计准则调整後盈利亦按年增长94%,毛利率由2019年的35.4%,提升至37.3%。

期内实验室服务收入增长37.1%,康龙化成为客户提供药物研发各阶段服务,涉及739个药物分子或中间体项目,其中487个为临床前项目,临床I-II期有202个,临床III期有47个,处於商业化阶段的项目有3个。

里即预期,康龙化成今年将继续於先进的小分子技术上投资,以保持领先地位,并会加快建立生物制剂以及细胞和基因治疗服务平台,从而成为全球领先的服务提供商。 管理层预计将在宁波工厂投资1,000至2,000万美元,长远来看中国市场将为收入贡献超过20%。

该行预计,今年至2023年收入将可增长26%、24%及24%,并预测净利润增长22%、24%及23%,重申「买入」评级,目标价由106.47元升至165.87元。

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