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《大行》麥格理:藥明康德(02359.HK)中績勝預期 重申目標價116元
麥格理研究報告指,藥明康德(02359.HK)上半年業績好過市場預期,收入達208億元人民幣(下同),按年增長20.6%;淨利潤按年增長1.02倍至86億元。若剔除出售藥明合聯(02268.HK)股權所獲33億元一次性收益,經常性淨利潤則按年增長26.5%至59億元人民幣。管理層將全年收入指引上調2%至425億至435億元,自由現金流指引上調22%至50億至60億元,資本支出預算維持70億至80億元不變。 該行指,TIDES業務收入按年增1.42倍至50億元,可能受GLP-1原料藥推動,遠超全年增長60%的目標。次季毛利率亦創46.9%新高,主要得益於化學業務生產效率提升及後期項目增加。然而,上半年僅新增8個商業化及三期項目,中國業務亦按年下滑5%。該行重申「跑贏大市」評級及目標價116港元。
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