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《大行報告》瑞銀上調康龍化成(03759.HK)目標價至240元 評級「買入」
阿思達克 09-02 10:22
瑞銀發表的研究報告指,康龍化成(03759.HK)上半年收入按年升50%至33億元人民幣(下同),期內淨利按年增18%至5.65億元,淨利增長慢於收入增長,主因去年同期來自投資的一次性收益較高,加上來自可換股債券的其他開支較高,該行估計公司2022至2024年淨利將按年增58%至32%,予「買入」評級,目標價由226港元升至240港元。 管理層指出公司的紹興廠房將於今年第三季尾開始營運,將為現有的200立方米產能額外增加200立方米,而另外400立方米的產能估計將在2022年次季準備好。管理層指出紹興廠房產能的預訂表現強勁,估計到年底最少三分之一產能將獲使用,公司指引2021年整體資本開支為15億元,而2022至2023年則為15億元。 該行指出公司細胞及基因治療和臨床CRO均未錄盈利,管理層相信兩項業務隨著規模提升利潤將有改善,而近期收購ABL廠房估計將在2023年達收支平衡,而在臨床CRO方面公司繼續投資於團隊及產能建設。上半年公司逾半臨床CRO收入均來自在地管理機構,其毛利率相對其他臨床CRO業務較低。
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