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《大行報告》瑞信:藥明生物(02269.HK)去年下半年收入符預期惟淨利潤遜 毛利壓力今年應會持續
阿思達克 02-15 12:01
瑞信發表研究報告指出,藥明生物(02269.HK)發盈喜,預期去年收入按年增長48.4%至約153億元人民幣,略高於早前預期的按年增長47%。不過,期內純利料按年增長30%至約44億元人民幣,大幅低於收入增長幅度,並低過該行及市場預期的47億至48億元人民幣。非國際財務報告準則下,去年經調整純利料按年增長47%至約50.5億元人民幣,雖然大致符合市場預期,但仍較該行預期低。 該行認為,藥明生物盈喜反映公司去年下半年收入約80.6億元人民幣,按年增長37.1%,較上半年升11.9%,大致符合市場預期;純利約18.7億元人民幣,按年升32.3%,較上半年跌26.2%,較市場預期低17%;非國際財務報告準則經調整純利21.4億元人民幣,按年增長43.3%,較上半年跌26.7%,則較市場預期高7.5%。此外,公司去年淨利潤率及經調整淨利潤率分別為28.8%及33.1%,去年下半年各為23.2%及16.5%,均低於上半年的37.6%及40%,或由於第四季新增產能、海外通脹及匯率波動所致。 此外,瑞信認為,藥明生物毛利受壓情況將持續至今年,因為新的產能需時提升,以及海外宏觀不利因素或持續。維持對公司「跑贏大市」評級,目標價90元。
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