研報掘金丨國投證券:予藥明康德“買入-A”評級,目標價95.6元
國投證券研報指出,藥明康德憑藉着自身豐富的客戶資源和項目管線儲備,以及穩定的大規模生產能力,驅動小分子D&M業務的穩步發展。此外,美國米德爾頓基地、新加坡研發和生產基地持續推進建設,預計分別於2026年末和2027年逐步投入運營。公司憑藉着自身豐富的客戶資源和穩定的大規模生產能力,積極承接多肽等相關業務訂單,驅動TIDES業務持續快速增長。其中,在手訂單方面,截止2024年末,TIDES在手訂單同比增長103.9%。新藥賦能方面,近十年累計賦能255個新產品獲批上市,在內分泌、皮膚、肺癌、心血管內科、眼科、風溼免疫、神經系統、醫美、罕見瘤種等領域持續保持顯著優勢。參照同爲A股上市公司的凱萊英、康龍化成、九洲藥業、普洛藥業的估值均值,2025年給予藥明康德當期PE 20倍,預計2025年EPS爲4.78元/股,對應6個月目標價爲95.60元/股,給予“買入-A”的投資評級。
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