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研報掘金丨廣發證券:藥明康德新分子業務高速增長,維持AH股“買入”評級

廣發證券研報指出,新分子業務高速增長,chemistry項目訂單積累保障藥明康德穩定增長。根據公司2024H1半年報,小分子D&M上半年新增分子644個,目前管線分子總計3319個。2024H1來自全球前20大製藥企業收入65.9億元,剔除商業化項目同比增長11.9%。一體化龍頭優勢明顯。2024H1公司新增客户500家,截止至2024年6月末在手訂單人民幣431億元,在外部環境逐漸轉好過程中,公司訂單向上趨勢更強。公司處於穩增長狀態,行業恢復趨勢明顯,公司自身龍頭優勢明顯。參考行業可比公司維持公司A股合理價值65.74元/股不變,維持“買入”評級;H股方面,參考AH股溢價情況,給予H股合理價值55.20港元/股不變;維持“買入”評級。

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