《大行報告》瑞銀:藥明康德(02359.HK)首季純利勝預期 評級「買入」
瑞銀發表報告,指藥明康德(02359.HK)首季收入符合預期,按年增長5.8%,純利更按年增長32%至22億元人民幣,超出市場預期的19億元人民幣,經調整非國際會計準則(non-IFRS)下淨利潤、毛利率及淨利潤率均錄得增長,反映公司提高營運效率方面表現出色。
按業務劃分,化學業務收入按年增長5.1%。瑞銀估算非新冠相關收入期內增長21.8%,而公司旗下細胞與基因療法外包服務平台(ATU)首季non-IFRS毛損基本持平。
瑞銀維持予其「買入」評級,目標價109元,相當於預測今明兩年市盈率分別約37倍及30倍。
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