大行评级丨花旗:药明康德中期业绩大幅超出预期,目标价升至215港元

格隆汇
Aug 05
花旗发表研报指,药明康德各业务板块需求强劲,更多后期CMO项目带来贡献,推动今年中期业绩大幅超出预期。管理层将2026年收入指引上调至介乎585亿至605亿元,持续经营业务收入料同比增长35%至39%,当中已计及美元贬值3至5个百分点的汇兑影响。上半年持续经营业务未完成订单增长约30%,新签订单同比增长超过40%。小分子CDMO成为增长加快的引擎,小分子开发及生产业务同比增长73%。中后期管线收入现占总收入超过50%,超过80%的后期及商业化项目来自内部早期管线。该行将药明康德目标价由183港元上调至215港元,维持“买入”评级,并将2026至2028年收入预测分别上调8%,每股盈利预测上调18%、19%及15%,以反映更高的收入指引及利润率提升。

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