研報掘金|中金:藥明康德上季業績符合預期 上調目標價至65.9港元
中金髮表報吿,藥明康德上季業績符合預期,在手訂單保持強勁增長,CRDMO商業模式有助推動業務持續增長。截至第三季末,在手訂單按年增長35.2%至438.2億元,延續上半年強勁增長勢頭。中金提到,藥明康德上季新分子(TIDES)業務保持高速增長,藥物安全性評價及SMO業務保持領先地位,維持公司今明兩年盈利預測不變,給予其“跑贏行業”評級,由於近期市場估值中樞上移,上調H股目標價76.2%至65.9港元,相當於預測今明兩年市盈率分別17.1倍及15.4倍。
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