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《大行》藥明康德(02359.HK)逆市靠穩 瑞銀:1260H清單對基本面影響有限
藥明康德(02359.HK)今日(11日)平開,最高見122.1元。現報121.8元,升1.16%,連續兩日逆市靠穩;成交378.12萬股,涉資4.56億元。瑞銀發表研究報告指,美國國防部於美國時間2026年6月8日將藥明康德(02359.HK)列入更新後的第1260H清單。對此,藥明康德發表澄清聲明,強烈重申該認定及其背後的理由根本錯誤。管理層強調,該公司...
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《大行》藥明康德(02359.HK)逆市靠穩 瑞銀:1260H清單對基本面影響有限
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藥明康德(02359.HK)  +3.000 (+2.492%)    Short selling $230.93M; Ratio 24.410%   今日(11日)平開,最高見122.1元。現報121.8元,升1.16%,連續兩日逆市靠穩;成交378.12萬股,涉資4.56億元。

瑞銀發表研究報告指,美國國防部於美國時間2026年6月8日將藥明康德(02359.HK)  +3.000 (+2.492%)    Short selling $230.93M; Ratio 24.410%   列入更新後的第1260H清單。對此,藥明康德發表澄清聲明,強烈重申該認定及其背後的理由根本錯誤。管理層強調,該公司並非由任何中國軍事或政府實體擁有、控制或有關聯,亦不向中國軍隊提供服務,且沒有參與中國的國防部門或軍民融合計劃。藥明康德已承諾將立即採取行動,對該錯誤分類提出抗辯並予以糾正。

瑞銀預計,由於藥明康德對美國政府的業務風險敞口微不足道,此舉對其基本面的直接影響有限。1260H的認定主要限制美國國防部直接從被列入名單的實體採購服務或產品。由於藥明康德的收入結構壓倒性地偏向生物製藥和生物技術公司,而非美國國防部,因此該行預計其不會面臨訂單或收入的直接損失。與此同時,1260H名單將觸發《生物安全法》下的限制,該法案與2026年《國防授權法案》共同頒布,禁止涵蓋實體與美國政府進行業務往來。鑑於藥明康德對美國政府資助項目的敞口微乎其微,預計其短期營運影響可以忽略不計。歷史上,非軍事背景的中國科技公司(如2021年的小米及2024年的中微公司)曾透過證明行政決策缺乏事實根據和法律依據,成功從1260H名單中除名。

該行指出,在TIDES和小分子業務的強勁需求支撐下,藥明康德的營運勢頭依然非常具有韌性。對於2026年全年,公司維持其持續業務年度收入增長18%至22%,以及總收入達到513億至530億元人民幣的增長目標(相當於按年增長12.9%至16.6%)。管理層對實現這些目標充滿信心,並正積極尋求窗口以調高指引。

瑞銀表示,藥明康德目前交易在17倍2026年預測市盈率。該行基於現金流折現法(DCF)將其H股目標價定為171.2元,重申「買入」評級。(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-11 16:25.)

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