《大行報告》大和下調藥明生物(02269.HK)目標價至75.3元 評級「買入」
大和發表研究報告指,藥明生物(02269.HK)管理層召開投資者交流日,表明雖然今年為止在手新項目數量較少,首五個月只有25個,對比去年上半年有59個,但當中處於關鍵第三期臨床及商業化的項目顯著增加,重申每個位於研發後期階段項目的收入,通常是臨床前項目首年收入的5至10倍。
管理層亦透露,若上半年未有停工維護,則預測收入將增長超過10%,維持全年增長指引不變,意味著下半年營業收份及經調整淨利潤料增長約45%及60%。大和預計,該公司生產設施利用率將提高,歐美生物拜技市場融資活動見復甦跡象,加上CMO業務增長前景等,都將成為下半年增長主要動力。
大和指,藥明生物現價對應今明兩年預測市盈率約29及21倍,認為估值具吸引力,重申評級「買入」,2023至2025年收入及盈利預測下調3%至6%,目標價相應亦由84.9元下調至75.3元,以反映來自臨床前項目的收入減少。(gc/k)
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