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研報掘金丨華興證券:維持藥明康德“買入”評級,目標價上調至92港元
格隆匯 03-25 15:15

華興證券研報指出,藥明康德(2359.HK)4Q24實現收入同比增長6.9%;2024年公司持續經營業務在手訂單人民幣493.1億元,同比增長 47.0%。根據公司業績會,公司預計2025年收入有望實現同比增長10%-15%。公司加速推進全球D&M產能建設,公司預計2025年資本開支達到70-80 億;隨着業務增長及效率提升,公司預計2025年自由現金流達到40-50億。預計隨着生產工藝持續優化和效率不斷提升,以及醫藥投融資環境的改善,公司25E-27E毛利率將保持上升趨勢,為43.7%/44.3%/45.2%。鑑於藥明康德的領先行業地位以及TIDES業務的增長前景,認為公司估值仍有一定的上升空間。維持“買入”評級,目標價上調至92港元。

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