《大行報告》交銀國際下調藥明生物(02269.HK)評級至「中性」 料中短期業績承壓
交銀國際發表報告指,藥明生物(02269.HK)核心業務增速下滑,公司下調今明年收入和利潤指引。公司料今年剔除新冠項目後收入預計增速36%,但整體收入增速預計僅為10%,大幅低於此前30%的指引。利潤方面,全球基地產能爬坡導致今年毛利損失1億美元,公司預計今年毛利率約40%,淨利潤與去年基本持平,經調整淨利潤小幅下滑。
交銀國際下調藥明生物目標價至34元。根據公司最新指引及行業實際訂單情況,下調公司今年至後年各年收入預測14%至24%,至分別168億、189億及233億元人民幣,同時下調毛利率預測1至3個百分點,各至39%、41%及42%。經調整淨利潤預測下降28%至32%,各至45.6億、52.9億及67.6億元人民幣。
該行認為,藥明生物在中短期內面臨較大行業壓力和業績不確定性,未來數月內股價仍有一定的下行風險。目標價對應僅3%潛在升幅,下調評級至「中性」。
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