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《大行報告》招商證券降藥明生物(02269.HK)目標價至45元 創新藥投融疲弱及客戶專案批准滯後
招商證券發表評級報告指,藥明生物(02269.HK)將今年收入增長目標由按年增30%,下調至按年增10%(意味2023年下半年按年增3%,而上半年增18%),同時經調整淨利潤增長目標亦下調至單個位數按年下降,並預計今年毛利率約為40%,主要由於創新藥投融資情況疲弱和下半年3個商業化訂單批准滯後。 該行指,公司料明年收入及經調整淨利潤均實現雙位數增長,即使合同開發生產服務(CDMO)行業明年上半年仍面臨挑戰,該行預計期內增長率為低至中單位數,並有望實現明年收入增長目標。公司亦預計隨著海外基地的營運效率提升,明年毛利率將按年改善150個基點。 該行將公司今年及明年經調整淨利潤預測分別下調26%及32%,主要由於增長預期低於預測,同時將目標價由75元下調至45元,維持評級「增持」,主因該行認為公司領先的平台能力仍有助帶動長期市佔率的進一步提升。集團目前股價為26倍/20倍的24/25財年預測市盈率,處於歷史市盈率估值區間的低點。但考慮到短期內潛在的股價波動,該行仍對CDMO產業龍頭持謹慎觀點。(ca/k) ~
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