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《大行報告》高盛引述藥明生物(02269.HK)指未來聚焦提升市場份額 歐日韓市場增長強
阿思達克 01-13 14:23
高盛發表研報指,藥明生物(02269.HK)管理層日前在電話會議上透露今年收入增長指引維持30%以上,預期非新冠相關業務收入增長可達60%,而新冠業務則輕微減少。管理層又提到歐洲(按年增80%)、日本/韓國(按年增100%)市場增長強,中國市場則略為轉弱。 去年新增136個綜合項目,公司管理層對於今年新增項目數量目標維持為120個不變,預期未來將聚焦於提升市場份額及增加合同生產服務(CMO)項目,中長期毛利率目標達到45%左右。 高盛引述管理層透露2023至2025年新增CMO項目目標分別提升至21至23、26至29及32至38個,預計CMO業務貢獻將在三年內增至60%,並可能在2025年以後提升至70%。 考慮到非新冠相關業務收入下降,該行將藥明生物今年每股盈利預測下調1.5%,基於五年退出期的預測市盈率,目標價維持為93元不變,評級「買入」。
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