《大行》里昂升藥明康德(02359.HK)目標價至113.7元 次季業績強勁
里昂發表報告指出,藥明康德(02359.HK)(603259.SH)2025年第二季收入及經調整非國際財務報告準則淨利潤分別按年增長20%及48%,符合2025年7月10日發布的盈利預告。公司將2025年持續經營業務收入增長指引,從10%至15%上調至13%至17%,自由現金流指引從40億元至50億元人民幣,上調到50億元至60億元人民幣。考慮到上半年強勁表現,上調後的收入指引並不顯激進,並重申2025年經調整非國際財務報告準則淨利潤率將較2024年有所改善。
里昂相應上調藥明康德2025至2027年全年收入及淨利潤預測,幅度分別為3%至4%及13%至17%,以反映最新指引。藥明康德H股目標價從92.40港元上調至113.70港元;藥明康德A股目標價從92.40元人民幣上調至103.40元人民幣。維持「跑贏大市」投資評級。
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