《大行》中銀國際升藥明生物(02269.HK)目標價至31元 盈利能力復甦訂單動能穩健
中銀國際表示,藥明生物(02269.HK)2025年上半年業績表現穩固,收入增長加速,盈利能力顯着復甦,未完成訂單穩步擴張,爲中期收入能見度提供支撐。然而,剔除XDC業務後,核心生物製劑業務增長依然溫和,且資本支出高企與產能利用率壓力對短期盈利前景構成限制。隨着管理層小幅上調全年指引並持續推動效率提升,該行認爲公司具備穩健但非顯着的上行空間。基於現金流折現法將12個月目標價由23元上調整31元,維持「持有」評級。
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