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《大行報告》建銀國際降藥明生物(02269.HK)目標價至56元 下調盈測
阿思達克 01-12 14:10
建銀國際發表研究報告指,藥明生物(02269.HK)近日公布最新經營情況較預期理想,尤其是去年第四季度新增項目71個,對比2023上半年及第三季分別為46個和15個,增長主要來自於美國及中國市場的復甦。 藥明去年下半年共新增3個臨床三期項目,至年底臨床三期階段的項目總數達到51個,超出該行預期的47個。同時藥明有兩個內部管線項目已進入商業化階段,使商業化項目增至24個,亦較該行預測多2個。不過由於藥明有33個新項目於上個月才簽署,因此建銀國際預測對2023財年銷售額及淨利潤貢獻不大,維持對第四季業績審慎樂觀的預期。 報告又指,藥明生物有計劃擴大位於美國麻省工廠的產能,相應將2026至2032財年平均毛利率預測下調10個基點,以反映相關投資,並維持2023至2025財年銷售預測基本不變,2023財年淨利潤預測則下調21.2%,主要因投資虧損和外匯收益減少,目標價從66元降至56元,評級維持「跑贏大市」。
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