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大行評級|花旗:下調藥明生物目標價至30港元 下調今年至2026年收入及純利預期

花旗發表研究報吿指,藥明生物海外產能提升速度較預期慢,其管理層維持今年總收入增長5%至10%以及經調整純利類增幅相若的目標,這是基於一筆預期在下半年的藥物發現費用逾5億元、產能使用率提高,以及藥明生物精益運營管理系統(WBS)。管理層計劃資本支出為48億元,料今年可錄得自由現金流正值。管理層預期到,在2027年有40%的製造產能會在北美、歐洲及新加坡,愛爾蘭廠房會因為技術問題而令到收支平衡稍延至2025年上半年,2026年可穩定經營。

該行考慮到新廠房工程帶來的負面毛利效應和來自藥明合聯的溢利之少權股東權益上升,所以下調今年至2026年各年收入預期各0%、3%及7%,亦下調純利預期各6%、11%及14%,目標價由35港元降至30港元,評級“買入”。

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