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大行評級|高盛:下調藥明生物目標價至16.6港元 下調今年至2026年盈測

高盛報吿指,藥明生物上半年銷售及經調整盈利稍高於該行預期,與該行與投資者的對話一致。管理層維持今年收入指引在按年增長5%至10%,相當於下半年增長按年升9%至19%,料全年經調整純利會錄得高單位數增長。而管理層亦提出,與客户就美國生物安全法的範圍及定義持續有討論,料即使法案通過,都只會對使用美國政府資金的項目帶來影響。該行認為,情況仍然可變,會繼續留意第三季及後的立法過程進度及行業動態,應注意9月法案會否以獨立法案考慮或納入參議院的一連串提案。

該行指,管理層重申其計劃在北美、歐洲及新加坡擁有40%的製造產能,今年的預算稍跌至48億元,有可能因為英國的施工因設計審查而延遲。管理層指,未來兩年的資本支出可能與上財年相若,約在50億元。高盛上調公司今年至2026年的銷售預測分別0.9%、0.2%及0.5%,下調同期的盈利預測10.2%、8.6%及8.6%,以反映較高的銷售及行政費用,目標價由17.5港元降至16.6港元,評級“中性”。

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