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研報掘金|中金:上調藥明生物目標價至22.5港元 公司預計業務勢頭呈現加速態勢
格隆匯 01-17 11:49
中金髮表報吿指,藥明生物參加第43屆摩根大通醫療健康大會,CEO陳智勝向投資者更新業務近況以及2025年展望。公司維持2024年指引不變,包括5至10%收入增長,8至14%扣新冠收入增長;並預計2025年業務勢頭呈現加速態勢。另外,營運效率提升,管理層預計2025年利潤率提升100至150個點子。報吿指,由於公司新籤項目數量強勁增長,PPQ項目儲備豐富有望放量,上調2024至2026年經調整淨利潤分別5.7%、6.2%及22.4%,至49.7、57.0及65.8億元。該行維持“跑贏行業”評級,考慮到分成收入在2026年開始明顯增加遠期成長性增強,上調目標價17.9%至22.5港元,對應2025/2026年14.9倍和12.9倍經調整市盈率。
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