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《大行》匯豐研究首予藥明合聯(02268.HK)「買入」評級 目標價75元
阿思達克 08-29 11:22
匯豐研究發表研究報告,首次給予藥明合聯(02268HK)「買入」評級,指出在蓬勃發展的ADC腫瘤治療市場中,藥明合聯持續為製藥公司提供一站式服務,估計其控制全球逾20%相關產能,2025至2027年盈利年均複合增長率可達35%,給予目標價75元,認為估值吸引。 該行指,ADC作為腫瘤治療領域增長最快細分領域之一,至2030年市場規模有望增長至650億美元,由於複雜性高及監管門檻高,加上產能稀缺,客戶群忠誠度亦較高,看好藥明合聯與跨國藥企擁有長期合作關係。雖然中美關係依然緊張及董事長減持影響投資者情緒,但該行認為對公司基本面影響有限。
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