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大行評級|瑞銀:上調藥明生物目標價至20.3港元 維持“中性”評級
格隆匯 01-23 10:41
瑞銀髮表研報指,從藥明生物的業務更新中注意到其前景有所改善,但仍然好壞參半。該行表示,對藥明生物去年新增151個項目持正面看法,這超出市場預期及公司指引。瑞銀認為,藥明生物研發增長韌性強,其可能會繼續保持早期研發服務及合作收入的穩健增長,但晚期合同製造(CMO)增長的可見性需要提高。另外,藥明生物重申去年營收按年增加5%至10%的目標,並在今年加速增長,但幅度尚未確定。瑞銀將藥明生物目標價由11.5港元上調至20.3港元,維持“中性”評級,目前預計2025財年收入及每股盈利將分別按年增長15%和21%。鑑於美國《生物安全法案》在去年未通過,增長軌跡將較為温和,並等待CMO可見度的改善。
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