大行評級丨大摩:列康龍化成為中型CRO/CDMO中的首選股
摩根士丹利發表研究報吿,估計對於去年有超過一半收入來自美國市場的中國合同研究組織(CRO)及合同研發生產組織(CDMO)而言,來自潛在關税政策的影響將不足10%,影響基本可控,更為關注關税戰及環境不確定性增加下企業融資活動及研發預算是否受左右。除藥明合聯外,大摩列康龍化成為中型CRO/CDMO中的首選股,因其小分子CDMO業務表現強勁且CRO業務較不受關税及生物安全法影響。大摩亦看好金斯瑞非細胞業務扭虧、里程碑款項貢獻及其細胞基因治療投資表現強勁;看好凱萊英在備受關注的GLP-1領域強勁增長,但關注其海外設備虧損;對昭衍新藥和泰格醫藥的發展前景則持長期樂觀看法。
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