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《大行報告》大摩:藥明生物(02269.HK)維持今年毛利率指引 顯示基本面憂慮已大致去除
阿思達克 04-13 14:43
摩根士丹利發表研究報告指,投資者關注藥明生物(02269.HK)產能提升及利潤率前景,公司管理層重申今年毛利率目標為約42.5%,當中已計及新產能利用率降低的約4.5個百分點拖累,以及WBS「精益管理」體系帶來的約3個百分點提升。公司預期至2024年及2025年度利潤率將每年提升1至1.5個百分點,目標2023至2025年收入及利潤分別增長30%及26%至27%。 大摩表示,藥明生物2022年業績及相關增長指引已大致消除市場對其基本面的憂慮,指出藥明生物目前整體利用率達到約70%至75%,生物製劑的需求或仍較供應高。大摩維持藥明生物「增持」評級,目標價為119元。
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