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《大行報告》大和:藥明生物(02269.HK)估值吸引 增長前景穩固
阿思達克 01-12 09:49
大和發表報告指,藥明生物(02269.HK)日前參加了該行舉行的會議,管理層分享了最新的業務更新,並提及了市場對中美關係的憂慮、中國國家藥品監督管理局藥品審評中心(CDE)政策,和產能擴張計劃。 該行引述管理層稱,美中關係並非其美國客戶的關注點,指公司並未收到美國客戶的任何疑慮,因公司不持有藥品的知識產權(IP),僅持有藥品開發技術的知識產權。另一方面,公司於去年新增10wL產能,計劃今年下半年再新增10wL產能,管理層指新生產基地將需兩至四年時間提升。 大和重申對藥明生物「買入」評級及目標價167元,認為公司的增長前景穩固且估值吸引,相信現時的股價調整提供了良好買入機會。不過基於管理層的指引。該行將公司2021年至2023年收入預測下調2%至9%,盈利預測則調低2%至18%。
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