《大行》野村微降藥明生物(02269.HK)目標價至34.23元 評級「買入」
野村發表研究報告,預計藥明生物(02269.HK)今年上半年增長反彈,收入和純利料按年分別增長13.8%及24.7%,主要受惠於2024年上半年基數較低,2025財年下半年也有望延續類似趨勢。
野村預計,藥明生物上半年列賬收入98億元人民幣,相當於按年增13.8%,並較市場共識高出2.3%。按業務分部,野村預測IND前、早期服務、晚期製造的收入將分別按年增長5%、20%及18%,達到32億元、23億元及41億元人民幣,得益於新專案中標及分子進入後期階段。野村認爲其子公司藥明合聯(02268.HK)(評級「買入」)的強勁增長將是主要增長動力,若剔除藥明合聯,藥明合聯的銷售增長率料約6%。
基於野村對藥明生物收入增長加速的預期,估計毛利率將提高至40.3%,意味按年增1.2個百分點,營運利潤率爲25.1%,意味按年增1.7個百分點,得益於公司效率提升的努力。野村預測2025財年上半年股東淨利潤將達到19億元人民幣,相當於按年24.7%,大致符合市場預期。
對於2025年下半年,野村預計藥明生物營收及純利將分別按年增長12.6%及14.7%,達到114億及21億元人民幣,主要受穩定增長推動,特別是在製造訂單的交付方面。野村認爲藥明合聯將持續成爲成長的貢獻者。就地緣政治壓力而言,野村不預期短期內對公司業務有任何直接影響,但其長期發展仍需持續關注。
野村維持藥明生物「買入」評級,目標價由34.36港元微降至34.23港元,意味着28%的上行空間。維持對藥明生物2025財年的收入預測,並因定價穩定和效率提升,略微上調盈利預測0.2%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.