《大行報告》裏昂首予昭衍新藥(06127.HK)「買入」評級 目標價89.6元
裏昂發表研究報告,首次給予昭衍新藥(06127.HK)「買入」評級,指出該公司爲中國最大的專注於非臨牀藥物安全性評估的合同研究機構 (CRO),2019年市場份額按收入計算達16%。
該行指,由於藥物在提交新藥申請之前需要進行非臨牀藥物安全性評估,因此在中國生物技術公司及製藥企業不斷增長的需求下,昭衍新藥正處於有利地位。公司積壓訂單額去年上半年已增至23億元人民幣,新簽約訂單額截至去年9月止爲20億元人民幣,表明未來兩年內盈利可見度很高,管理層預期未來6至12個月可將大部分積壓訂單轉化爲收入。
裏昂預測昭衍新藥2020至2023年收入及調整後淨利潤年複合增長率分別爲40%及42%,主要受惠於內地強勁的藥物安全性評估需求及公司產能擴張,予目標價89.6元。
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