《大行報告》瑞銀下調藥明康德(02359.HK)目標價至173元 評級「買入」
瑞銀髮表報告表示,藥明康德(02359.HK)首季收入按年升71.2%,按季升32.8%,爲自2018年以來最大按季升幅;期內純利則按年升9.5%。
該行表示,繼續看好藥明康德的CRDMO(合同研究、開發及生產組識)/CTDMO(合同檢測、研發和生產)的綜合商業模式戰略,相信未來增長勢頭將持續,首季化學業務繼續成爲主要增長動力,新生物學業務增長110%,推動生物細分市場增長。期內國內新藥研發服務部(DDSU)收入錄得下降,該行認爲主要歸因於業務發展,並預計該業務或需要更長的時間才能恢復。
雖然內地疫情導致公司生產短期中斷,但目前常州及金山廠房產能已全部恢復。瑞銀預期,若上海地區疫情可於4月底前基本受控,公司將可達成第二季收入增長63%至65%的指引。
瑞銀指出,藥明康德現價水平爲未來12個月預測市盈率的28倍,低於歷史平均水平,重申對其「買入」評級,但將目標價由192元下調至173元,對應2022年預測市盈率約49倍。
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