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研報掘金丨華西證券:維持藥明康德“買入”評級,整體業績增長中樞提升
華西證券研報指出,藥明康德25H1實現歸母淨利潤85.61億元,同比增長101.92%、實現扣非淨利潤55.82億元,同比增長26.47%。分業務來看,TIDES業務25H1實現收入50.3億元,同比增長141.6%,繼續爲公司貢獻業績彈性、化學藥D&M業務實現收入86.8億元,同比增長17.5%,恢復相對較快增長。截止2025年6月末,公司持續經營業務在手訂單爲566.9億元,同比增長37.2%,爲公司未來業績增長奠定基礎。根據公司2025年中報,公司預計2025年持續經營業務收入增速從10%~15%上修至13%~17%,公司整體業績增長中樞提升。產能供給方面,預計2025年底小分子原料藥反應釜總體積將超過400萬升,呈現上升趨勢,爲未來業績增長奠定基礎。維持“買入”評級。
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