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《大行報告》花旗引述藥明康德(02359.HK)指維持今年收入增長指引 目標價215元列行業首選
花旗發表報告,引述藥明康德(02359.HK)管理層維持今年次季收入按年增長63%至65%指引,以及全年增長65%至70%指引。管理層亦預期2021年起三至五年,收入年均複合增長達30%至35%。小分子CDMO(委託開發暨製造服務)業務增長仍強勁,今年料按年升150%。即使上海早前封城,在持續業務計劃下,藥明康德亦未有在封城期間押後任何項目。公司在上海業務亦在6月初起回復正常。花旗予其「買入」評級,目標價215元,列CRO/CDMO行業首選。 報告引述管理層稱,指引今明兩年每年資本開支介乎90億至100億元人民幣,料2024年則下降。據公司解釋,三分之二的資本開支用於CDMO業務,其餘用於儀器置換及實驗室業務。中國仍然是產能擴張的重心,未來兩年資本開支預算有八成用於中國。管理層指引今年總產能擴張70%,明年進一步擴張10%至15%。另管理層指引中美關係緊張對其經營影響有限。美國FDA巡視如常。管理層有信心在強勁執行力、高質素、及具競爭力定價下,可維持海外客戶基礎。
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