《大行報告》裏昂上調藥明康德(02359.HK)目標價至166元 評級「買入」
裏昂發表研究報告指,藥明康德(02359.HK)去年收入及經調整非國際財務報告準則淨利潤分別按年增長39%及41%,維持今年收入按年增長67%預測,但考慮到小分子外包需求強勁及藥明康德產能快速擴張,將其2023至2024年收入預測上調12%,2022至2024年盈利預測則分別下調8%、上調3%及2%,目標價由125元上調至166元。
報告指,藥明康德全球小分子藥物發現市場份額在過去六年翻倍,升至去年的6%,全球CDMO市場份額亦增長至2.9%,預計未來幾年市場份額將持續增長。
由於潛在估值不確定性,裏昂表示預測並未包括藥明康德投資組合的任何公允價值變動,預測藥明康德2022至2024年淨利潤將分別達到64億、79億及101億元人民幣,由於地緣政治風險對CRO行業的影響部分緩解,以及公司對美國未覈實清單的更新,重申其「買入」評級。
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