研報掘金丨浙商證券:維持凱萊英“買入”評級,持續看好小分子CDMO受益商業化兑現
浙商證券研報指出,凱萊英(002821.SZ)前三季度剔除大訂單主業收入高增長,維持“買入”評級。認為費用率提升主要與2022Q3大訂單較高基數使得2022Q3費用率較低有關。分業務看該行估計毛利率同比提升原因與2023H1業績點評趨勢較為一致,估計主要是因為匯兑貢獻以及大訂單驅動。在大訂單交付完成後,預計公司毛利率和淨利率水平會逐漸迴歸到正常水平。該行持續看好公司2023-2025年小分子CDMO受益商業化兑現,新興業務加速拓展下主業複合快速增長。
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