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《大行》大摩列康龍化成(03759.HK)為中型CRO/CDMO首選股 長期看好昭衍(06127.HK)泰格(03347.HK)
摩根士丹利發表研究報告,估計對於去年有超過一半收入來自美國市場的中國合同研究組織(CRO)及合同研發生產組織(CDMO)而言,來自潛在關稅政策的影響將不足10%,影響基本可控,更為關注關稅戰及環境不確定性增加下企業融資活動及研發預算是否受左右。 除藥明合聯(02268.HK)外,大摩列康龍化成(03759.HK)為中型CRO/CDMO中的首選股,因其小分子CDMO業務表現強勁且CRO業務較不受關稅及生物安全法影響。 大摩亦看好金斯瑞(01548.HK)非細胞業務扭虧、里程碑款項貢獻及其細胞基因治療投資表現強勁。另外大摩看好凱萊英(06821.HK)在備受關注的GLP-1領域強勁增長,但關注其海外設備虧損;對昭衍新藥(06127.HK)和泰格醫藥(03347.HK)的發展前景則持長期樂觀看法,將昭衍新藥目標價下調至9元,評級「與大市同步」。
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