《大行》華泰證券升藥明合聯(02268.HK)目標價至82.24元 維持「買入」評級
華泰證券發表報告指,藥明合聯(02268.HK)上半年收入、淨利潤、經調整淨利潤(含利息收入及開支)及經調整淨利潤(不含利息收入及開支)分別為27億、7.5億、8億及7.3億元人民幣(下同),按年增長62.2%、52.7%、50.1%及69.6%,業績維持高速增長,並在產能升級擴張的背景下,毛利率延續向好態勢。
該行指,考慮公司產業鏈地位穩固,需求端ADC行業發展東風正勁,公司在手訂單、項目數量均高速增長,產能端新加坡設施落成在即,無錫持續擴充DP設施,看好公司業績增長潛力,維持「買入」評級。
該行上調公司2025至27年各年經調整淨利潤預測6%、9%及8%,至分別17.2億、23.7億及28億元,對應每股盈利為1.43元、1.97元及2.33元。上調主要是考慮到公司在手訂單的強勁增長。目標價由66.4港元升至82.24港元。
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