《大行報告》高盛降藥明生物(02269.HK)目標價至63元 下調盈測
高盛發表報告指出,藥明生物(02269.HK)管理層下調今年公司指引,預期整體收入按年增長約10%,扣除新冠項目公司收入料增長36%,經調整純利呈個位數下跌,主要由於藥物開發端(D端)及生產端(M端)表現遜預期。
該行認為,鑑於宏觀環境充滿挑戰,以及藥明生物的同業亦已下調指引預測,此前市場已普遍藥明生物將修改指引,惟是次下調幅度及時機仍然令人意外。該行將藥明生物2023至2025年各年銷售預測下調14.3%、24.2%及25.8%,各年經調整純利預測則下調25.5%、31.5%及31.4%。
此外,該行預期如藥明生物生產端項目交付重回正軌、生物技術融資未來幾個月繼續復甦,以及即將完結加息的情況下,該行料公司2023至2025年各年收入分別按年增10.2%、14.3%及27.1%,經調整純利預測分別按年跌4.6%、升15%及升28.5%。該行對藥明生物目標價由73.3元下調至63元,評級「買入」。
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