《大行報告》瑞銀上調藥明生物(02269.HK)目標價至142元 評級「買入」
瑞銀發表報告表示,藥明生物(02269.HK)去年收入按年增長41%,淨利潤增長67%,在產能利用率提升及里程碑費用收入增加下,下半年毛利率按年提升6個百分點至47.6%。
該行認為,不預期藥明生物未來費用收入會再顯著增長,但將藥明生物2021至2024年毛利率預測提升至44.4%至45.5%。藥明生物預期今年CMO(Contract Manufacture Organization)(受製藥公司委託,進行定製生產服務)業務收入貢獻將達5億美元,較去年的2億美元增加,相應提升全年收入預測至按年增長67%。
瑞銀指出,市場生產需求提升,藥明生物已提升明年資本開支水平至60億至80億元人民幣,管理層預期至2023年可達到自由現金流,通過收購及擴建,藥明生物計劃至2024年產量可提升至43萬升。瑞銀將藥明生物目標價由76元上調至142元,維持「買入」評級,看好其持續研發投入。(gc/w)
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