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《大行》交銀國際看好藥明合聯(02268.HK)業績高增長 目標價升至70元 維持重點推薦
阿思達克 08-21 16:32
交銀國際研究報告指出,藥明合聯(02268.HK)今年上半年錄得60%以上的收入和淨利潤增長,並大幅上調全年收入指引。儘管面臨全球生物醫藥融資和地緣相關不確定性,但該行仍堅定看好公司業績高增 長的確定性,考慮到ADC/XDC賽道持續高漲的投資和研發熱情、以及公司產能擴張和高效服務帶來的份額提升,該行上調公司目標價至70元,分別對應33倍、0.8倍2026年市盈率、市盈增長率,維持「買入」評級,並維持醫藥外包(CXO)板塊重點推薦。 交銀國際表示,公司管理層將全年收入增速指引從 35%上調至 45%以上,對應今年下半年增速33%以上,並預計下半年毛利率將延續按年改善趨勢。該行相信在公司產能擴張和服務效率提升的助力下仍有較大提升空間。 交銀國際上調公司2025至2027年收入、經調整淨利潤預測7%至16%、13%至21%,反映超預期的上半年表現、更樂觀的業績指引、 以及優異的在手訂單表現。
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