《大行報告》麥格理下調藥明生物(02269.HK)目標價至52元 生物技術服務需求疲弱
藥明生物(02269.HK)今早股價受壓,最新報35.85元下滑5.2%。麥格理發表報告表示,藥明生物管理層在上周(6月20日)投資者關係日中對整體業務持積極態度,並維持其2023財年指引,但亦承認生物科技資金流入疲軟,SMID(中小型市值)生物技術公司需求疲軟,特別是在中國地區。
據該行與行業參與者的討論,預料投資於生物技術的資金流入於未來數個季度仍持續走弱,該行看到新冠疫情後生物製藥的需求正常化,雖然隨著主要CDMO(委託、開發、製造服務)服務的產能建設供應過剩的風險(與需求疲軟同時發生)正在增加,但無證據表明行業存在價格競爭。
基於CDMO服務需求轉弱,麥格理將藥明生物終端增長率由5%下修至3%,下調目標價37%至52元。該行下調對藥明生物2023年至2025年收入預測分別1.6%、9.3%及9%,並降2023年至2025年純利預測分別10.3%、14%及11.6%。
該行指雖然對藥明生物作謹慎預測,但重申對其「跑贏大市」投資評級,認為公司營運基本面仍強。
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