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赛默飞世尔科技：全球生命科学巨头将持续受益于行业改善趋势；首予买入
TMOThermo Fisher Scientific(TMO) 招银国际·2024-11-22 06:32

Investment Rating - The report initiates coverage on Thermo Fisher with a "Buy" rating and sets a target price of 670[1][5][33].CoreInsights−ThermoFisherispositionedasagloballeaderinthelifesciencessector,benefitingfromindustryimprovementtrendsandacomprehensiveproductandserviceportfolio[1][2].−Thecompanyisexpectedtoexperiencerevenuegrowthof+0.4670 [1][5][33]. Core Insights - Thermo Fisher is positioned as a global leader in the life sciences sector, benefiting from industry improvement trends and a comprehensive product and service portfolio [1][2]. - The company is expected to experience revenue growth of +0.4% in 2024, +5.6% in 2025, and +8.3% in 2026, with Non-GAAP net profit growth of -1.0%, +5.7%, and +10.4% respectively [1][2]. - The report highlights the anticipated recovery in biotech financing, driven by the Federal Reserve's shift to a rate-cutting environment, which is expected to boost customer demand [1][2]. Summary by Sections Company Overview - Thermo Fisher has the largest business scale and service range in the industry, providing integrated services from drug discovery to commercial production [1][2]. - The company’s bioproduction services offer a competitive edge in securing customer orders, while its CDMO business addresses clinical trial supply challenges [1][2]. Financial Strength - Thermo Fisher is an active consolidator in the life sciences sector, with management planning to allocate 60%-75% of capital for mergers and acquisitions [1][2]. - The company has consistently generated robust free cash flow, providing a solid financial foundation for future expansions [1][2]. Market Trends - The global life sciences market is projected to grow due to increasing demand for pharmaceuticals, drug production costs, and R&D expenditures [1][2]. - The report notes that downstream customers are expected to complete inventory destocking by 2024, which will normalize order patterns [1][2]. Financial Projections - The report provides detailed financial forecasts, including projected sales revenue of 43,033 million in 2024, with a growth trajectory leading to 49,234millionby2026[2][28].−Adjustednetprofitisforecastedtobe49,234 million by 2026 [2][28]. - Adjusted net profit is forecasted to be 8,278 million in 2024, increasing to $9,662 million by 2026 [2][28].