花旗发表研报指,药明合联将2025财年收入增长指引由逾35%上调至逾45%,该行认为新指引仍然较保守。管理层同时预期2025年毛利率将高于2024年,基于产能利用率提升,但下半年毛利率将低于上半年,因有更多维护成本及设施更新支出。该行将2025至27年收入预测分别上调6%、8%及8%,反映强劲的项目交付及订单增长;因毛利率预期提升,每股盈利预测分别上调18%、21%及22%。该行将其目标价由46港元上调至70港元,评级“买入”,未来十年收入的年均复合增长率预测亦由23%上调至26%。
花旗发表研报指,药明合联将2025财年收入增长指引由逾35%上调至逾45%,该行认为新指引仍然较保守。管理层同时预期2025年毛利率将高于2024年,基于产能利用率提升,但下半年毛利率将低于上半年,因有更多维护成本及设施更新支出。该行将2025至27年收入预测分别上调6%、8%及8%,反映强劲的项目交付及订单增长;因毛利率预期提升,每股盈利预测分别上调18%、21%及22%。该行将其目标价由46港元上调至70港元,评级“买入”,未来十年收入的年均复合增长率预测亦由23%上调至26%。
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