《大行》瑞銀:藥明康德(02359.HK)中期業績符預期 目標104.6元籲買入
瑞銀發表報告指,藥明康德(02359.HK)中期業績符合預期,當中收入按年升20.6%,歸屬股東淨利潤升95.5%,主要來自藥明合聯的資產處置收益。經調整非國際財務報告準則淨利潤為按年增長44.4%。經調整非國際財務報告準則毛利率提升4.7個百分點至44.5%。截至上半年末,公司持續經營業務的未完成訂單金額達567億元人民幣,按年增長37.2%,保持強勁。
該行指,一如預期,藥明康德將今年全年收入指引由415億至430億元人民幣,上調至425至435億元人民幣,持續經營業務收入增長指引由10%至15%,上調至13%至17%。新指引反映下半年收入按年變化將介乎下降1.3%至增長3.2%,低於該行及市場預期;但考慮到公司一貫保守的指引風格,該行預計實際表現將好超出指引。公司同時維持進一步提升淨利潤率的目標;該行又對其首次宣派中期股息10億元人民幣持積極態度。現予目標價104.6元及「買入」評級。
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