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藥明康德(603259)2022中報點評:化學業務延續亮眼表現 Q2業績持續高速增長
投資要點近期,藥明康德發佈2022 年中報,2022H1 實現營業收入177.56 億元,同比增長68.52%,實現歸母淨利潤46.36 億元,同比增長73.29%;實現扣非歸母淨利潤38.50 億元,同比增長約81.00%。盈利預測:公司作為國內CRO 領軍企業,全產業鏈、客户資源、質量效率等優勢明顯。短期來看,基於新冠小分子藥物訂單增量,預計公司2022年收入和利潤將實現顯著加速增長。展望未來,WuXi Chemistry 等業務收入預計均將保持穩定較快增長,同時公司積極發展潛力業務,DDSU、WuXitesting、WuXi ATU 等業務均將成為重要的增長點,為公司未來業績增長提供彈性。我們更新盈利預測, 我們預計2022-2024 年EPS 分別為2.90/3.35/4.43 元,2022 年7 月27 日股價對應PE 分別為33.2X、28.8X、21.7X,維持“買入”評級。風險提示:業績不及預期風險;新訂單獲取不及預期風險;投資收益波動風險.
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