《大行報告》大和削藥明康德(02359.HK)目標價至110元 評級「買入」
大和發表研究報告指出,藥明康德(02359.HK)盈喜預期去年收入及純利按年各增長72%及73%,至394億及88億元人民幣。公司將於3月20日披露業績。此前,公司管理層預期2021至2024財年收入年均複合增長率約34%,2022至2024財年的年度資本開支達90億至100億元人民幣。
該行將藥明康德今明財年的盈利預測下調12%及11%,並下調收入預測17%及19%,對公司一般和行政費用率預測各下調3.2及4個百分點,以反映去年首九個月的最新營運支出結構。此外,對其目標價由200元削至110元,維持「買入」評級,認為公司獨特的商業模式(CRDMO)應對中長期的收入增長持續利好。
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