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《大行報告》海通國際降藥明生物(02269.HK)目標價至42.65元 公司更新業績展望
海通國際發表報告指,藥明生物(02269.HK)更新業績展望,料今年扣除新冠項目收入增長逾36%,經調整利潤下滑,明年穩健增長,後年及以後預期恢復強勁增長。 該行認為,公司調整收入指引,主要原因是藥物開發業務端收入增速低於預期,主要由於生物技術融資放緩導致新增項目減少,比去年減少40個新項目意味著約3億美元收入的減少;生產端收入下降主要由於監管機構批准滯後公司客戶管線,3個來自大藥企的重磅藥延期,影響約1億美元收入。 海通國際預計藥明生物今年收入168.6億元人民幣(下同),按年增速10%,其中非新冠按年增速36%,經調整淨利潤46.8億元,按年下滑5%,預計明年和後年收入分別為193.9億元、252.1億元,按年增速15%、30%,明年和後年淨利潤55.7億元、72.4億元,按年增長17%、30%。 此次調整前,該行預計藥明生物今年至後年收入分別為198.7億元、258.5億元、337.1億元,按年增速 30%、30%、30%,經調整淨利潤分別為 62.1億元 、77.9億元、99億元,按年增速 26%、26%、27%。 該行對藥明生物目標價由79.39元降至42.65元,維持「優於大市」評級。
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