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多股漲停,CRO行業復甦回暖!凱萊英Q1淨利潤創階段新高

行業一季度復甦明顯,CRO概念股今日表現活躍。

截至午間收盤,金凱生科20CM漲停,河化股份、凱萊英、靈康藥業漲停,雙成藥業漲超7%,昊帆生物漲超3%,翰宇藥業漲超2%。

Q1淨利創階段新高

今年一季度,凱萊英的營收、淨利潤雙雙增長。

期間實現營業收入爲15.41億元,同比增長10.1%;歸母淨利潤爲3.27億元,同比增長15.83%;扣非淨利潤爲3.05億元,同比增加20.1%。

值得注意的是,凱萊英今年一季度的淨利潤創下2023年四季度以來的新高。

凱萊英表示,2025年初全球貿易搖擺和醫藥行業復甦緩慢,但國際製藥行業專業化分工多年形成的全球供應鏈趨勢從未發生改變。

分業務來看,小分子業務保持穩定發展,收入基本持平,毛利率爲45.17%。

目前,凱萊英預計今年小分子PPQ項目將達12個。

新興業務收入同比增長超80%,毛利率33.05%,較去年同期有較爲明顯回升。

凱萊英持續加大市場開拓力度和業務競爭力提升,特別是多肽、寡核苷酸、ADC等增量業務。

展望未來,國投證券預計,凱萊英2025年-2027年的歸母淨利潤分別爲11.33億元、13.21億元、15.21億元,同比增速分別爲19.4%、16.6%、15.1%。

同時,國投證券給予凱萊英買入評級,預計2025年EPS爲3.14元/股,給予當期PE30倍,對應6個月目標價爲94.2元/股。

平安證券認爲,2025年隨着全球創新藥研發企穩回暖,凱萊英的小分子化學業務有望重回增長,佈局多年的多肽、小核酸、ADC業務迎來加速發展機遇,看好公司後續發展。

平安證券維持凱萊英“強烈推薦”評級,預計其2025-2027年的歸母淨利潤分別爲11.26億元、13.78億元、17.4億元。

多股業績大增

除了凱萊英,CRO企業今年一季度復甦明顯,多家企業的業績均出現大幅上升或扭虧爲盈。

其中,今日領漲板塊的金凱生科今年一季度實現營收1.76億元,同比上升41.8%;歸母淨利潤爲4742萬元,同比上升183.2%。

諾泰生物期間營收爲5.66億元,同比增長58.96%;淨利潤爲1.53億元,同比增長130.1%。

康鵬科技實現營收2.43億元,同比增長44.27%;淨利潤爲3062.91萬元,同比增長59.73%。

海特生物營收爲1.57億元,同比增長18.79%;淨利潤爲-1393.04萬元,虧損幅度減小。

四川雙馬預計今年一季度歸母淨利潤1億元-1.4億元,同比增長1047%-1506%。

聖諾生物預計歸母淨利潤3919.85 萬元-4790.92萬元,同比增加137.97%-190.85%。

翰宇藥業扭虧爲盈,預計一季度歸母淨利潤爲6000萬元-7200萬元, 較去年同期增長了7410.2萬元-8610.2萬元。

過去幾年,受制於國內政策和海外風險,醫藥股持續出現調整,估值已處於較低的位置。

如今,行業基本面出現好轉跡象,有望迎來一波反彈行情。

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