《大行》中金升藥明合聯(02268.HK)目標價至75元 中績勝預期兼訂單強勁增長
中金研究報告指出,藥明合聯(02268.HK)今年上半年業績超過該行預期。收入27億元人民幣(下同),按年增加62.2%;毛利潤9.8億元,按年增加82.2%;經調整淨利潤8億元,按年增加50.1%,扣除利息收支後為7.3億元,按年增加69.6%。中金認為,收入強勁增長主要因全球抗體藥物偶聯物(ADC)需求景氣度高、公司市場份額提升、以及項目向後期推進價值量增加,盈利能力提高主要得益於營運效率提升及新產能快速爬坡。
中金表示,截至6月底止,公司未完成訂單達13.3億美元,按年增長57.9%,其中北美客戶增長強勁(佔比超50%),該行認為公司訂單保持強勁增長態勢,測算新簽訂單金額約7.2億美元,按年、按半年均快速增長。
中金考慮到全球ADC研發及生產需求景氣度高且公司領先地位持續鞏固,上調公司2025及26年經調整淨利潤預測各6.3%及10.2%,至分別16.9億及23.3億元,當前股價對應2025及26年經調整市盈率為40.3倍及28.7倍,考慮到近期醫藥板塊估值中樞上移,上調目標價66.7%至75港元,對應2025及26年經調整市盈率為49.1倍及35倍。維持「跑贏行業」評級。
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