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郭思治:大市急升並稍創月內新高 藥明合聯(02268.HK)IPO受關注
阿思達克 11-16 08:45
香港股票分析師協會副主席郭思治稱,大市昨(15日)大幅反彈,恆指早市先大幅高開427點至17,836點,其後曾略為拉鋸至17766點,惟由於沽壓並不明顯,加上維穩買盤又不斷滲著湧現,故整個大市卒再進一步上升至18,102點方漸受規限,從技術上看,經過昨天之大幅上升,恆指不但已漸升離本月1日之低位16,979點,且亦稍升越本月6日之高位18,037點,論形勢該有利於短期後市再伺機試頂,恆指既突破18,038點,即表示大市將進一步上尋11月份之新高,而更重要的是,大市可打破連跌三個月之敗局,恆指昨日報收18,079點,較上日急升682點,全日總成交金額為1,349億元。 藥明合聯(02268.HK)是專注於全球抗體藥物偶聯物(「ADC」)及更廣泛生物偶聯藥物市場的領先合同研究、開發及製造組織(「CRDMO」),亦是一家致力於提供全面綜合服務的公司。招股書顯示,通過一站式生物偶聯藥物平台,藥明合聯提供全面CRDMO服務,包括生物偶聯藥物、單克隆抗體中間體及生物偶聯藥物相關連接子及有效載荷的發現、工藝開發及GMP生產。根據弗若斯特沙利文的資料,按2022年的收益計,藥明合聯是全球第二大ADC等生物偶聯藥物CRDMO,其全球市場份額由2020年的1.8%上升至2021年的4.6%,並進一步上升至2022年的9.8%。 自2013年以來,藥明合聯一直為ADC等生物偶聯藥物提供專業的CRDMO服務,是該領域的先行者。多年來,其在業內建立了強大的品牌聲譽,積累了深厚的專業知識。截至2022年底,該公司有94個進行中的整體項目,佔同年全球生物偶聯藥物外包整體項目總數的35%以上。與此同時,藥明合聯的業績增長十分強勁,展現出高成長性。於2020年、2021年、2022年,該公司分別實現收入約9,635.3萬元人民幣(下同)、3.11億元、9.90億元,年複合增長率約220.6%;實現淨利潤約2,629.9萬元、5,493萬元、1.56億元,年複合增長率約143.3%。2023年上半年實現收入約9.93億元,按年增長201.6%;實現淨利潤約1.77億元,按年增長約80.3%。 綜合來看,藥明合聯以其在全球ADC CMO市場的領先地位和穩定的客戶群,展現出顯著的盈利增長潛力,為不可多得的成長型稀缺標的。隨著該公司業績的持續爆發式增長,基本面將得到有力鞏固,從而進一步打開估值向上空間,為投資者帶來可觀的複利回報機會,可持續跟進。 (筆者為證監會持牌人)~
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