《大行報告》中金首予金斯瑞生科(01548.HK)「跑贏行業」評級 目標價31.2元
中金發表研究報告指,首予金斯瑞生科(01548.HK)「跑贏行業」評級及目標價31.2元。該行提到,金斯瑞生科積累了多年的基因合成經驗,成為全球最大的基因合成平台。依靠在基因合成工具方面的優勢,公司逐步拓展至生物科學臨床研究機構(CRO)、合同開發與製造機構(CDMO)、細胞治療藥物、工業合成生物學四大業務板塊。同時,構建了由CRO、CDMO、藥物、(酉每)類工具組成的閉環生態系統。
該行指,在生物科學研究服務方面,CRO平台可滿足客戶多元化的需求,亦有助提升公司提供一站式服務的能力。該業務的收入佔公司去年上半年總收入56%,為公司的基石部分。該行又指,由集團持有83%股權的生物醫藥CDMO山東鵬博生物科技是其主要增長動力,而專注於嵌合抗原受體T細胞(CAR-T)研究的細胞治療領導者Legend Biotech亦在美國上市。另外,由於集團持續的研發投資,該行認為其在合成生物學領域具有巨大增長潛力。
該行相信,其四個業務板塊具協同效應並共享技術,其集成價值鏈有助於削減成本,看好其在合成生物學領域具有巨大增長潛力的創新管線和平台。該行料集團2022至2024年的收入分別為6.81億美元、9.76億美元和15.4億美元,複合年增長率為44.4%,預計其淨虧損分別為2.89億美元、2.74億美元
和1.13億美元。
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