《大行報告》大和:藥明生物(02269.HK)第二次調整中國以外產能 但料拐點轉向仍需時間
大和發表報告指,藥明生物(02269.HK)將擴大美國馬薩諸塞州伍斯特基地(生物藥原液十一廠,MFG11)產能至3.6萬升,以回應全球客戶對合約製造服務的需求增長。該廠房計劃於明年營運,2026年投入GMP生產,該行估計,今次增加的1.2萬升產能,相當於2026年美國產能增加40%,中國以外產能增加5%,總產能增加2%。
該行指,在2022年7月新加坡的擴充計劃後,今次是公司第二次上調中國以外產能。估計至2026年,總產能達到61.1萬升,對相去年上半年為26.2萬升。
大和對藥明生物評級「持有」,認為目前估值不算高,而生物科技資金重現、推動CRO需求全面恢復的拐點轉向仍需時間。
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