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一文了解大行於藥明生物(02269.HK)公佈中期業績後最新目標價及觀點
藥明生物(02269.HK)公佈中期純利按年升1.5倍,今早股價曾高見124元一度彈高9.7%,最新報122.3元彈高8.2%,券商指公司受惠於新冠疫苗項目帶動及毛利率理想,令期內業績大幅優於市場預期。大和料新冠疫苗將爲藥明生物今年帶來3億美鬵的收入,相當於其去年收入的34.7%,上調對其2021年至2023年收入預測4%至11%,調高對其經調整盈利預測7%至13%。瑞銀料市場對公司業績反應非常正面。 藥明生物昨收市後公佈今年中期業績,營業額44.07億元人民幣按年升126.7%。純利18.42億人民幣按年升150.3%;每股盈利0.44元人民幣。不派息。於上半年毛利爲22.97億人民幣按年增191.7%;毛利率由去年同期的40.5%升至52.1%。研發開支由去年同期的約1.24億元人民幣,減少7.2%至今年上半年的約1.15億元,主要由於集團計劃於今年下半年開展大部分研發項目。 【業績勝預期 毛利率理想】 麥格理髮表報告表示,藥明生物受惠新冠疫苗項目帶動下,來自歐洲收入由1.23億大升至9.9億元人民幣(總體佔比23%),今年上半年收入及盈利均大勝預期,料新冠疫苗需求會延續至2022年,對其目標價170.95港元不變,維持其「跑贏大市」評級。 高盛指,藥明生物今年上半年收入及盈利均高於預期,若撇除一次性因素後的核心盈利按年升1.72倍,受惠於設備使用率提升,令毛利率達52.1%(按年升11.6%),基於公司管道回升、產能具強勁的執行能力,對其長期看好,維持對其「確信買入」名單。 ------------------------------------------ 本網最新綜合9間券商對其投資評級及目標價: 券商│投資評級│目標價(港元) 麥格理│跑贏大市│170.95元 高盛│買入(「確信買入」名單)│170.7元 中銀國際│買入│170元 大和│買入│167元 摩根士丹利│增持│164元 瑞信│跑贏大市│158元 瑞銀│買入│142元 花旗│買入│130元 摩根大通│增持│130元 券商│觀點 麥格理│上半年盈利增長大幅超過預期 高盛│上半年收入及盈利均遠勝預期 中銀國際│營運效率提升及毛利率擴張 大和│上半年新冠疫苗合同及商業項目大幅增長 摩根士丹利│上半年收入和利潤增一倍以上,領先行業 瑞信│上半年收入及盈利按年增127%及163%遠勝預期 瑞銀│上半年疫苗合同訂單增長超預期 花旗│上半年疫苗合同推動訂單強勁增長 摩根大通│受惠全球強勁外包需求,料短期內保持強勁增長 (ta/w) ~
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