《大行報告》建銀國際降藥明生物(02269.HK)目標價至66元 前景充滿挑戰
建銀國際發表報告指出,藥明生物(02269.HK)發佈業務最新消息,警告今明兩年前景疲弱,預期今年收入增長約10%,其後於2024年實現雙位數增長,2025年實現30%增長,與公司此前指引增長30%形成鮮明對比,當時生物技術融資已顯示放緩。更差的是公司透露由於監管機構批準滯後,3款來自大藥企的重磅藥延期,因此公司至2025年才能作出有意義的收入貢獻。
該行預期,藥明生物今年純利將呈單位數下跌,收入增長放緩,毛利收縮,相對於此前預測公司爲正增長。該行認爲,公司持續維持於內地新藥項目50%的強勁市場份額,年初至今新增91個新項目,但短期銷售增長前景或面臨挑戰,因爲進入開發的新項目較少,以及生產貢獻有所延遲。
此外,該行指藥明生物增長放緩是無可避免,對其2023至2025年銷售預測平均每年下調8.2%,今年毛利率預測下調2個百分點至40%,另對公司三年的純利增長預測平均每年下調12.1%,目標價由77元降至66元,維持「跑贏大市」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.