港A兩地CXO板塊集體走強 機構稱已處於估值底部具配備價值
格隆匯2月14日丨A股博騰股份漲停,泰格醫藥漲超5%,康龍化成、凱萊英和美迪西漲超4%,藥明康德漲近4%;港股泰格醫藥漲超7%,金斯瑞漲超6%,藥明康德、昭衍新藥漲超2%,藥明生物和康龍化成漲近1%。東吳證券最新研報稱:2022年國內主流CXO公司平均市盈率為41倍,PEG均值0.93,與國外CXO公司相比,A股CXO估值已經大幅消化。國內龍頭CXO公司已與美國龍頭藥企合作多年,且承接大批新冠藥物訂單,若美國藥企更換CXO服務商需付出高成本,承擔高風險,所以仍然認為國內CXO龍頭公司被列入實體清單可能性不高。藥明生物被列入UVL對公司及行業影響也極為有限,且有望未來數月內移出清單。回顧2021年全球及中國藥企研發投入、新藥管線數量、醫療健康產業融資額與融資數,我們認為CXO需求不減,仍具備充足動能。國內CXO公司2021年業績預吿也展現出CXO業績能見度從未改變,我們認為具備配備價值。


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