《大行報告》大華繼顯降藥明生物(02269.HK)評級至「沽售」 削目標價至22元
大華繼顯發表報告指,藥明生物(02269.HK)顯著調低業務指引,不過管理層對未來增長仍然正面,會繼續投資於研發及擴充產能。該行預期,隨著愛爾蘭、德國及美國的生產設施下半年起投產,營運初期的產能使用率較低,利潤率仍然面對壓力,而今年新項目較預期少、大型項目延遲,亦會導致未來兩年的利潤率受壓。
該行將公司今年至2025年收入複合年增長率預測,由28%下調至15%,經調整純利複合年增長率預測,由27%下調至17%,以反映增長前景缺乏能見度,以及未來兩年利潤率受壓,評級下調至「沽售」,目標價由47元下調至22元。
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