《大行報告》大和降藥明生物(02269.HK)評級至「持有」 目標價削至33元
大和發表報告指,藥明生物(02269.HK)更新指引,全年收入增幅由原先預期的30%下調至約10%,撇除新冠相關的收入增長36%,亦低於之前估計的60%。經調整純利預測由原先的增長26%,下調至高單位數跌幅。不過正面訊息包括,新的綜合項目自第二季改善,在11月底共有91個項目,反映第二季、第三季分別增加38及15個,而10月至11月增加30個,對比第一季只增加8個。醫藥合同生產(CMO)保持強勁增長趨勢,而愛爾蘭生產設施的進展亦超出預期。
該行將藥明生物今年至2025年的盈利預測,下調23%至33%,主要反映指引更新、以及下調毛利率預測。目標價由73.3元下調至33元,評級由「買入」下調至「持有」。(cy/k)
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