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《大行報告》瑞信下調藥明生物(02269.HK)目標價至110元 評級「跑贏大市」
阿思達克 03-25 11:18
瑞信發表研究報告指,藥明生物(02269.HK)去年下半年收入及經調整淨利潤按年增長60%及55%,收入高於該行預期4%,盈利水平則略遜預期。由於人手增加及去年新廠房啓用後利用率較低,令下半年毛利率按年下跌5個百分點至43%。 該行指,商業化及臨牀後期項目將繼續推動高增長,未來3年內可能有逾20個項目商業化,此外新冠疫苗和及mAb仍將是商業化收入的重要來源。今年公司在石家莊及愛爾蘭新建10萬升產能,資本支出將達到55億元人民幣。 瑞信維持「跑贏大市」評級,目標價由120元降至110元,估計今年收入將按年增長約43%,今明兩年每股盈利預測上調0.3%及5%,預期毛利率將下降。 談及美國當局將藥明附屬列入「未覈實清單」(UVL),該行表示,公司正在積極處理問題,相信可能會在3至6個月內解決,預計可在第四季之前被移出名單之外。
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