《大行》花旗升藥明合聯(02268.HK)目標價至70元 公司上調收入指引
花旗研究報告指,藥明合聯(02268.HK)將2025財年收入增長指引由逾35%上調至逾45%;該行認爲新指引仍然較保守。管理層同時預期2025年毛利率將高於2024年,基於產能利用率提升,但下半年毛利率將低於上半年,因有更多維護成本及設施更新支出。
截至上半年,公司擁有1個具備同類最佳(BIC)潛力的商業化項目,新增3個生產工藝驗證(PPQ)項目,令總數達11個。管理層預期未來幾年每年將提交3至4個生物製品許可申請(BLA)。上半年積壓訂單按年增58%至13.29億美元;新籤合同價值按年增48.4%,北美地區表現尤爲突出。
另外,管理層預計資本開支將達15.6億元人民幣,其中新加坡及無錫基地分別投入9億及4.5億元人民幣,並計劃至到2029年累計投入超過70億元人民幣以擴充產能;亦正考慮在內地江蘇江陰、歐洲或美國建廠。
該行將2025至27年收入預測分別上調6%、8%及8%,反映強勁的項目交付及訂單增長;因毛利率預期提升,每股盈利預測分別上調18%、21%及22%。目標價由46港元升至70港元,評級「買入」,未來十年收入的年均複合增長率預測亦由23%上調至26%。
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