智通财经APP获悉，交银国际发布研报称，药明生物(02269)去年下半年复苏趋势明显。RDM业务并驾齐驱，2025年起增速持续改善。管理层指引2025年收入增长12%至15%，持续经营业务增长17%至20%，盈利能力提升，而2026至2027年收入进一步提速，主要驱动力包括M端现有订单放量+后期管线转化。2025年资本开支规划60亿元人民币，主要投向新加坡产能扩建。R端已到达关键拐点，客户产品上市后有望给公司带来低个位数至10%的销售提成。D端方面，单抗由DNA到IND的交付时间缩短至九个月，优异的服务质量给客户带来更多对外许可机会。
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