大行評級|中銀國際:上調藥明生物目標價至19港元 預期今年收入增長提速
中銀國際發表報吿指出,藥明生物預期今年收入增長提速,主要受惠於項目管道的增長及第三期臨牀試驗和商業項目的貢獻。公司估計去年收入按年增長5%至10%,主要由於藥明合聯的貢獻,而藥明合聯預期去年收入按年增長逾85%,並佔藥明生物總收入超過19%。不過,非藥明合聯方面的收入或有所下降,預期按年跌5%至增長3%。
此外,藥明生物去年新增151個項目,今年將有24個工藝性能確認(PPQ)項目,其愛爾蘭生產設施亦將按計劃預期於今年產生利潤。儘管集團加強與跨國製藥公司(尤其是美國)合作,但對美國客户的依賴可能會加劇地緣政治風險,而該行預期美國《生物安全法案》或將推遲至2027年。該行維持對藥明生物“持有”評級,目標價由12港元上調至19港元。
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