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《大行报告》瑞银上调药明生物(02269.HK)目标价至142元 评级「买入」
阿思达克 04-01 09:26
瑞银发表报告表示,药明生物(02269.HK)去年收入按年增长41%,净利润增长67%,在产能利用率提升及里程碑费用收入增加下,下半年毛利率按年提升6个百分点至47.6%。

该行认为,不预期药明生物未来费用收入会再显着增长,但将药明生物2021至2024年毛利率预测提升至44.4%至45.5%。药明生物预期今年CMO(Contract Manufacture Organization)(受制药公司委托,进行定制生产服务)业务收入贡献将达5亿美元,较去年的2亿美元增加,相应提升全年收入预测至按年增长67%。

瑞银指出,市场生产需求提升,药明生物已提升明年资本开支水平至60亿至80亿元人民币,管理层预期至2023年可达到自由现金流,通过收购及扩建,药明生物计划至2024年产量可提升至43万升。瑞银将药明生物目标价由76元上调至142元,维持「买入」评级,看好其持续研发投入。(gc/w)

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