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《大行報告》裏昂下調藥明康德(02359.HK)目標價至192元 評級「買入」
裏昂發表報告指,藥明康德(02359.HK)管理層在電話會議上,對2022年的收入增長作出新的指導,即按年增長45%左右。同時指導2022年的淨利潤增長與收入增長同步,主要由藥明康德的綜合CRDMO(合同研究、開發及生產業務)業務模式,特別是藥明康德化學業務的收入貢獻所推動。 裏昂將藥明康德2021至2022年的收入和淨利潤預測提高1%至3%,以反映管理層的最新指導。同時保持2023年的收入和淨利潤預測不變,2024年至2031年的收入預測就削減3%至5%。目標價由202元降至192元,按現金流折現率作估值,重申「買入」評級。 裏昂指,藥明康德2021年的業績和2022年的業績指引都很強勁。日前的負面股價表現可能反映了部分投資者獲利沽貨;以及部分投資者對Covid-19相關項目在2022年之後的收入貢獻可持續性的潛在擔憂。由於藥明康德與客戶的保密協議,Covid-19項目的訂單規模和對2022年的收入貢獻沒有披露。
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