《大行報告》高盛:藥明康德(02359.HK)2024財年收入指引低預期 維持「中性」評級
高盛發表報告指,藥明康德(02359.HK)2023年第四季銷售額符合公司先前的指引。當中,中國客戶的需求持續疲軟,不過美國和其他地區是主要的推動因素,2023年新冠疫情後的總積壓訂單按年增長18%。
至於細分各個業務部門當中,早期研發服務尚未恢復,相反Tox、TIDES及製造方面的表現更穩定地成長。公司息稅前利潤按年增加11%,主要受惠於匯兌利好因素和效率提升所帶來的毛利率改善。
另外,藥明康德給予2024財年收入指引,料介乎383億至405億元人民幣,撇除疫情因素,即按年增長2.7%至8.6%,非國際財務報告準則經調整後淨利潤則預計會與2023年處於同一水平。不過面對美國《生物安全法案》的不確定性,公司2024年收入指引略低於去年發布的早期管理指引,以及投資者的預期。因此高盛將藥明康德的目標價由57.5元下調至54.2元,並維持「中性」評級。(js/k)
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