《大行報告》花旗降藥明康德(02359.HK)目標價至175元 下調盈測
花旗發表研究報告指,藥明康德(02359.HK)管理層透露,撇除COVID-19相關項目,今年第三季積壓訂單仍然按年增長約25%,來自海外客戶的查詢已有所恢復,期內化學藥物合同研發與生產服務(CDMO)業務表現持續強勁,成為公司主要增長動力。
但該行指出,由於有部分客戶面臨融資困難,藥明康德今年第四季早期藥物發現服務需求可能仍然維持疲軟。管理層預測未來幾年來自COVID-19以外項目的收入複合年均增長率將超過20%。
計及經營效率改善,花旗將其2023至2025年收入預測分別下調4%、9%及10%,每股盈利預測下調1%、5%及5%,目標價從185元降至175元,維持「買入」評級。
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