研報掘金丨首創證券:維持藥明康德“買入”評級,經營具有較強韌性
首創證券研報指出,藥明康德(603259.SH)24年歸屬於上市公司股東的淨利潤爲94.50億元(-1.63%),歸屬於上市公司股東的扣除非經常性損益的淨利潤爲99.88億元(+2.47%)。化學業務常規項目收入保持穩健增長,TIDES業務表現亮眼。2024年合計增加25個商業化和臨牀III 期階段項目,由於商業化和臨牀III期藥物單個項目金額體量較大,預計將持續驅動公司小分子D&M業務穩健增長。2024年公司海外區域常規項目收入平穩增長,體現出公司作爲“一體化、端到端”的藥物研發服務平臺,在複雜的外部環境下,依然具有較強的市場競爭力和稀缺性,與歐美地區客戶的合作持續深化,經營具有較強韌性。以3月28日收盤價計算,對應PE分別爲16.9倍、14.4倍和12.5倍,維持“買入”評級。
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