药明生物(2269.HK):2H24业绩复苏 RDM三大业务端边际改善确定性较强 上调目标价

交银国际
26 Mar

2H24 复苏趋势明显: 2024 年收入和经调整净利润分别同比增9.6%/1.8%,收入和经营利润率超我们预期。扣除新冠项目影响后,收入增长13.1%,其中2H24 增长18.2%,相比1H24 的7.7%有明显复苏;再扣除药明合联后,全年收入仍有8%增长,抗体/蛋白业务在外部环境波动下展现较强韧性。全年新增151 个综合项目(对外赢得20 个),2H/1H24分别新增90 个/61 个,生物药...

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