研報掘金丨招商證券:首予藥明合聯“強烈推薦”評級 看好未來增長潛力
招商證券發表研究報告指,藥明合聯是ADC CDMO的龍頭企業,在技術平臺、品質、效率及成本等方面全球領先,並估算集團市佔率約20%。集團去年收入40.52億元,四年年均複合增長率達133%;淨利潤10.7億元,按年升122%;截至去年底,集團服務客戶數499間,在手未完成訂單總金額9.91億美元,按年增71%。
該行表示,藥明合聯在R端、D端已展現出技術及速度上的明顯優勢,相信憑藉CRDMO一體化優勢,公司助力、伴隨龍頭企業及明星項目增長,M端規模化放量空間值得期待。該行看好集團未來增長潛力,預計其2025至27年淨利潤分別達14.4億、18.8億及25.6億元,首次覆蓋該股,予“強烈推薦”評級。
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