大行評級 | 中金:上調藥明生物(2269.HK)目標價至96.8港元 評級跑贏行業
格隆匯7月20日丨中金髮表報告指,藥明生物(2269.HK)預計上半年收入按年增長61%至63%,純利料增長35%至37%。上半年收入和利潤增速仍高於早前管理層全年45%和40%的增速指引,超出該行預期。
中金指,藥明生物指引全年新冠項目收入超過20億元人民幣,該行預計當中60%至70%的收入在上半年兌現,按年仍有增長。雖然下半年公司計劃另外上線10萬升新產能,但該行仍預計下半年的利潤率仍能保持和去年同期較爲接近的水平,維持公司全年收入和扣非淨利潤45%和40%的按年增長,維持今明兩年盈利預測不變,當前股價對應今明兩年市盈率分別爲59.4和44.4倍。維持“跑贏行業”評級,考慮公司全球競爭力,上調目標價10%至96.8港元,對應明年55倍市盈率預測。
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