《大行報告》大摩:藥明生物(02269.HK)下調指引並不意外 相信中長期會跑贏大市
摩根士丹利發表報告指出,對於藥明生物(02269.HK)下調今明兩年指引並不意外,認為更新後的指引可縮小目前經營現實與此前極具挑戰性的指引之間的差距,有助於調整市場預期,緩解市場對宏觀疲弱的憂慮,並為中期增長提供較合理的比較基礎。
該行預期,藥明生物股價短期內將因指引下調而受壓,但相信公司有能力渡過動盪時期,並實現高於市場預期的增長。不過,該行認為公司由於監管程序延遲而推遲大型CMO項目訂單,或令市場感到意外,並導致今明兩年指引下調幅度超出預期。
此外,該行仍然相信藥明生物是整個行業中最有能力推動發展的公司之一,鑑於其具有韌性和多元化的CRDMO業務模式、頂級管理團隊的良好營運記錄,以及CMO訂單的快速增長等,相信公司有能力度過動盪時期,並在中長期跑贏大市,重申對其「增持」評級,目標價115.36元。
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