大和:升藥明康德(2359.HK)評級至買入 目標價降至195港元
大和發表研究報吿指,藥明康德(2359.HK)管理層在全年業績電話會議中,重申了對今年收入快速增長的期望,主要受惠於CDMO及中國區實驗室服務業務的強勁增長。該行將公司目標價由238港元降至195港元,評級由優於大市升至買入,並指正在調整對集團2021至2022年的預測。
大和表示,在新型肺炎疫情期間,由於海外需求上升,CDMO和中國區實驗室服務業務錄得強勁增長,預期該兩個業務將繼續受惠於海外客户合同大幅增加。此外,公司早前宣佈,計劃與藥明生物成立合資公司,大和認為,成立合資公司反映兩家公司將投入更多資源,以快速建立市場競爭力。
該行指出,微調了2021至2022年的收入預測,並預期2023年公司收入將按年增長30%。該行目前估計,公司今年CDMO及中國區實驗室服務業務收入將分別按年升45%和35%,原先估計增長43%及27%。同時,考慮到今年疫情的持續影響,該行將今、明年臨牀研究的收入增長預測,由原來的增長75%和65%,下調至按年升40%和55%,而美國區實驗室服務今年的收入預測就由原來估計的增長20%,下調至增長10%。該兩個業務的復甦慢過預期,將部分抵銷CDMO及中國區實驗室服務業務的快速增長。

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