大行評級|里昂:首予藥明合聯“跑贏大市”評級 指其具備良好市場份額增長潛力
里昂發表研報指,藥明合聯2023年的市場份額為14.5%。據外部機構預測,該公司2022至2030年的全球抗體—藥物複合物(ADC)外包市場收入複合年均增長率預計達到28%。里昂認為,藥明合聯具備良好的市場份額增長潛力,主要考慮到其一站式能力,能實現高於行業平均水平的效率;穩健的歷史業績;不斷擴大的全球製藥市場影響力;以及日益增長的訂單積壓。該行首次覆蓋藥明合聯H股,給予“跑贏大市”評級,目標價定於44.3港元。該行亦預計,藥明合聯2024至2026財年收入增長將分別為85%、40%及32%;每股盈利預測複合年均增長率為34%,該行的預測較市場共識高39%至43%。
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