業績預期樂觀卻遭資本“用腳投票”!藥明生物股價跳水
昨日晚間,藥明生物發佈2024年業績公告。數據顯示,公司去年收入、純利雙增,XDC業務實現翻倍,但股東應佔純利微降,中國區收入也出現下滑。
今日開盤藥明生物一度跌近6%,截止發稿跌幅收窄至3.51%至25.25港元,近5個交易日累計跌超11%。

去年營收增近一成
中國區收入下滑
業績公告顯示,藥明生物2024年實現營收186.75億元,同比增長9.6%,2023年同期增速爲11.6%;毛利爲76.51億元,同比增長12.1%;歸母淨利潤33.56億元,同比下降1.3%,這也是藥明生物連續兩年業績下滑,2023年,其淨利下滑21.5%。

按地區劃分,北美是最大收入來源,達到106.96億元(佔總收入的57%),同比升32.48%;歐洲收入43.23億元,跌15.91%;中國收入28.2億元,減少9.65%;其他地區收入8.36億元,升19.74%。

從業務分部來看,生物藥分部依然是公司的主要收入來源,2024年收入爲147.31億元,佔總收入的78.9%。而XDC分部(專注於ADC及生物偶聯藥物市場)也表現出色,收入爲39.44億元,實現翻倍增長,佔總收入的21.1%。

截至2024年末,藥明生物現有資金約107億元,資本負債比率5.8%;銀行貸款約爲26億元,銀行授信額度約59億元;全年產生正自由現金流13億元。
2025年預期加速增長
藥明生物表示,預計2025年整體收入增長12%-15%,持續經營業務收入增長17%-20%。
藥明生物還披露,截至2024年末,未完成訂單總量達185億美元,包括未完成服務訂單105億美元以及未完成潛在里程碑付款訂單80億美元;三年內未完成訂單總額達37億美元。繼2025年1月6日公告披露的與MSDInternational GmbH(默沙東)進行的愛爾蘭疫苗設施資產交易後,相關約30億美元未完成訂單已移除。
該公司表示,未完成訂單仍處於歷史高位,持續推動未來收入增長。基於業務性質,未完成訂單並不能完全反應公司的業務週期,因此研發階段的未完成訂單與長期商業化訂單相比較小。
藥明生物首席執行官陳智勝表示:“2024年,面對錯綜複雜的宏觀環境,公司保持戰略定力和強大韌性,實現收益9.6%同比增長,這充分印證了公司CRDMO商業模式的獨特價值,彰顯‘跟隨並贏得分子’戰略的精準佈局。”
“展望未來,依託R(研究)、D(開發)和M(生產)平臺全鏈條的強勁增長動能,2025年將開啓公司加速釋放長期價值的新紀元。通過運營效率的持續提升、新一代技術平臺的廣泛應用、戰略規劃的完美執行,把握全新機遇,驅動持續創新。”
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