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《大行报告》美银证券上调药明康德(02359.HK)目标价至208元 评级「买入」
阿思达克 05-03 10:47
美银证券发表研究报告指,药明康德(02359.HK)首季收入按年增长55.3%至49.5亿元人民币,在合同开发生产服务(CDMO)业务利润空间提升下,该行估算其毛利率按年扩大0.7个百分点至39.1%。首季非国际财务报告准则(Non-IFRS)纯利按年升63.6%至9.43亿元人民币。

撇除美国实验室服务,药明康德首季所有板块增长稳固,内地实验室服务收入按年升49%,Non-IFRS毛利按年增46%;其CDMO服务收入倍升,Non-IFRS毛利实现按年118.3%升幅。报告称,其美国实验室服务收入则因疫情影响,下跌15.3%。

该行指出,药明康德於首季提交了两项新药上市申请,并取得四项临床实验授权,考虑到产能提升、人员增聘等拓展计划,上调长远收入及毛利率预测,并将2021至2023年每股盈利预测提升至1.92、2.51及3.24元人民币,相应将目标价由189.8元上调至208元,维持「买入」评级。

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