《大行報告》瑞銀:藥明生物(02269.HK)受惠新冠項目增長 料今年表現可優於管理層指引
瑞銀發表的研究報告指,將藥明生物(02269.HK)2020至2024收入預測升11%,以反映新冠項目增長強過預期及及藥物生產外包(CMO)增長。據管理層指出在2022年底前將有最少四至五項非新冠病毒相關的CMO,估計將帶動公司長遠盈利增長,管理層將維持2021年指引,料收入、淨利將按年增長65%,該行相信假如增長不受供應短缺影響,公司有望跑贏指引。
據管理層指,現時未有證據美國政府將限制美國企業使用以中國為基地的CDMO企業,同時有20%藥明的客戶已考慮使用公司於歐美的產能以減低風險,考慮公司CDMO服務性質,假如藥物於歐美生產並運往當地,將不被視作由中國出口至美國,相信可減低藥物供應不穩的風險。同時該行不擔心地緣政治風險帶來的潛在負面影響,而公司在近期內地醫藥行業政策上亦未有重大敞口。
瑞銀將藥明生物2021至2023年每股盈測升26%至38%,以反映疫情及CMO相關項目強過預期,予目標價142元,評級「買入」。
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