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《大行報告》大摩下調藥明康德(02359.HK)目標價至162元 評級「增持」
摩根士丹利發表報告指,藥明康德(02359.HK)受惠降糖減肥藥GLP-1推動,在多鈦(peptide)藥物業務敞口擴大,有望成為全球第二大多鈦藥物的委託開發及製造服務商(CDMO),維持「增持」評級,H股目標價由177元下調至162元。 報告指,GLP-1是多鈦藥物的主要增長領域,近期藥明康德受惠市場對該藥物的關注而股價回升,公司是禮來(LLY.US)減肥藥Mounjaro主要生產商,該藥物有望在第四季取得減肥治療的認可,估計2030年來自Mounjaro業務的收入貢獻5.34億美元,公司可以受惠相關的增長潛力。 該行指,短期而言,GLP-1的相關進展及公司的季度業績,將會推動該股進一步重估,預測在2023年至2025年純利複合年增長率21%,目前估值仍然提供具吸引力的買入機會。
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