《大行報告》大摩料藥明康德(02359.HK)財務方面受美方行政命影響有限 中短期增長軌跡不變
摩根士丹利發表報告表示,藥明康德(02359.HK)(603259.SH)昨日A股及H股股價下跌10%及17%,因市場關注美國總統拜登簽署新行政命令,將引導更多資金投資於美國生物製造行業,或將於今晚宣布詳情,但該行估計將要實施亦需要較長時間,因為該命令包含許多美國政府機構指令,其中一些指令或在一年甚至兩年內都不會到期。該行指,目前未見到美方要求跨國公司與中國委託開發製造(CDMO)的合作有限制性政策。
該行認為上述美方行政命令對藥明康德的財務影響有限,料該公司的短期及中期增長軌跡保持不變,這得益於集團CRDMO(合同研究、開發與生產)模式內的大量新藥管道(佔全球臨床階段新藥16%的份額)管道)。藥明康德正在美國建設成品藥的委託生產服務(CMO)設施,料應該可以適應美國生物製造外包戰略的任何長期轉變。
大摩表示,維持對藥明康德「增持」評級及目標價177港元。(wl/k)
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