《大行報告》中金升藥明康德(02359.HK)目標價130元 收入及在手訂單增長強勁
中金發表報告指,藥明康德(02359.HK)公布首兩個月在手訂單和銷售收入按年增速均超過65%,預計首季收入按年增長達到 65%至68%,預計全年收入按年增長有望達到65%至70%。
中金指,藥明康德去年主營業務增長強勁,分板塊看,公司預計化學(WuXi Chemistry)去年收入140.9億元人民幣,按年增46.93%,公司預計化學業務板塊今年收入增速較去年將近翻番。測試(WuXi Testing)收入45.3億元人民幣,按年增38.03%。生物學(Wuxi Biology)收入19億元人民幣,按年增30.05%。細胞及基因療法CTDMO(WuXi ATU)收入10.3億元人民幣,按年跌2.79%。國內新藥研發服務部(WuXi DDSU)收入12.5億元人民幣,按年增17.47%。
中金維持對藥明康德去年凈利潤預測為50.97億元人民幣不變,考慮到主營業務需求持續旺盛,分別上調2022年和2023年凈利潤預測 22.1%和16.6%,至81.17億元和96.67億元。同時維持AH股「跑贏行業」評級,上調A股目標價18.2%至130元人民幣,上調H股目標價8.3%至130港元。
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