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《大行報告》大和引述藥明生物(02269.HK)指有信心留住美國客戶 未有細節不清楚潛在影響
阿思達克 09-14 11:16
藥明生物(02269.HK)昨價急挫近20%後,今早股價持續向下,最新報51.5元下滑3.7%。就美國總統拜登簽署行政命令,啓動國家生物科技和生物製造倡議。大和發表報告表示,昨日與藥明生物(02269.HK)管理層舉行非交易路演。就昨日股價下挫,藥明生物認爲市場對相關舉措反應過度,指根據美方披露的內容,認爲該倡議應被視爲一項中立政策。 針對失去美國客戶的擔憂,大和引述藥明生物管理層指有信心留住美國客戶,因爲受託研究機構(CRO)/生物製劑的委託開發製造(CDMO)市場均以服務質量爲導向。 大和認爲,由於美方相關計劃的細節尚未披露,暫對藥明生物的潛在影響仍不清楚。在最壞的情況下,如果美國以外的生產受到限制,藥明生物將減少美國客戶及相關收入,但認爲發生此情境可能性不大。 該行指,由於生物製造的高進入壁壘和美國當地公司缺乏生產力,料上述行政命令影響可能不會立即顯現,美國 CRO/CDMO的產能不足以滿足美國生物技術和製藥公司日益增長的需求。美國的生物製造成本將高於中國。如果美國生物技術和製藥公司選擇在美國國內生產,估計利潤率會承壓。 藥明生物管理層透露,公司可能會在必要時調整其資本支出計劃,並指生物技術和製藥公司更關注服務提供商提供的價值,而不是政治問題。
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