《大行報告》大摩微降藥明生物(02269.HK)目標價至119元 評級「增持」
摩根士丹利發表研究報告指出,基於藥明生物(02269.HK)最近發布盈警,該行對公司於2022至2025財年的收入預測下調約1%,但對長遠收入預測上調2%至7%,以反映近日從公司方面了解到旗下項目近期進展後,預料其合同生產(CMO)業務的貢獻會更強勁。
此外,該行對藥明生物今明兩年毛利率預測,下調至44.5%及45%,預期利用率下降及海外產能令毛利受壓。惟預期在利用率復甦的情況下,公司長遠毛利率將恢復並穩定在46%至47%水平。
該行另對藥明生物於2022至2025財年的每股盈利預測分別下調1%至4%,但長遠年度則上調4%至14%。目標價由119.25元微降至119元,評級「增持」。
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