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《大行報告》高盛:藥明生物(02269.HK)去年業績略勝預期 維持「買入」評級
阿思達克 03-23 14:01
高盛發表研究報告指,藥明生物(02269.HK)去年銷售額按年增長83.3%,較該行預測高出3.3%,純利增長100%,亦略勝高盛預期。撇除一次性收益,核心盈利按年增長92.6%,毛利率提升至46.9%,主要受惠於疫情相關合約推高產能利用率。 該行指,去年的強勁增長主要來自北美及歐洲客戶,中國市場則放緩。雖然投資者對資金投入及市場需求感到擔憂,但高盛認爲,藥明積壓訂單增長強勁,整體及三年積壓訂單分別按年增長20.1%及98.2%,自2月8日起被美國列入「未經覈實」實體名單後,更新增11個來自全球客戶的項目。 高盛指,藥明管理層一直在積極與美國商務部洽商,料將成爲今年股價的關鍵催化劑,監於公司運營的持續強勁及積壓訂單增長進一步鞏固基本面,重申「買入」評級,在微調2022至2023年盈利預測後,將目標價由112.2元降至110.7元。
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