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《大行報告》交銀國際升藥明合聯(02268.HK)目標價至42元 去年業績遠超預期
交銀國際發表報告指出,藥明合聯(02268.HK)發盈喜,預期去年收入增長一倍以上,淨利潤及經調整淨利潤分別增長逾80%及100%以上,大幅超過該行此前預期的75%、63%及83%,以及公司指引(收入增長70%至75%)。 此外,該行認為近期美國生物安全法草案中針對藥明康德(02359.HK)的內容影響CXO板塊投資情緒,公司股價大幅波動,但該草案中未提及藥明合聯,對公司基本面沒有影響。隨著公司後期大訂單持續增長、業績高增長預期落地,該行預計股價將企穩回升,當前是佈局的絕佳時機。 該行上調藥明合聯2023至2025年收入預測10%至16%,至20億、33億及49億元人民幣,經調整淨利潤預測相應升高12%至18%,至4.1億、7.6 億及11.5億元人民幣,分別對應2023至2025年複合年均增長率56%及68%。該行對公司目標價上調至42元,維持「買入」評級。
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