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《大行報告》美銀證券上調藥明康德(02359.HK)目標價至208元 評級「買入」
阿思達克 05-03 10:47
美銀證券發表研究報告指,藥明康德(02359.HK)首季收入按年增長55.3%至49.5億元人民幣,在合同開發生產服務(CDMO)業務利潤空間提升下,該行估算其毛利率按年擴大0.7個百分點至39.1%。首季非國際財務報告準則(Non-IFRS)純利按年升63.6%至9.43億元人民幣。

撇除美國實驗室服務,藥明康德首季所有板塊增長穩固,內地實驗室服務收入按年升49%,Non-IFRS毛利按年增46%;其CDMO服務收入倍升,Non-IFRS毛利實現按年118.3%升幅。報告稱,其美國實驗室服務收入則因疫情影響,下跌15.3%。

該行指出,藥明康德於首季提交了兩項新藥上市申請,並取得四項臨床實驗授權,考慮到產能提升、人員增聘等拓展計劃,上調長遠收入及毛利率預測,並將2021至2023年每股盈利預測提升至1.92、2.51及3.24元人民幣,相應將目標價由189.8元上調至208元,維持「買入」評級。

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