智通财经APP获悉，摩根大通发布研报称，药明康德(02359)首季收入同比升21%，胜预期，主要是因为TIDES业务的增长强劲。非通用会计准则经调整纯利同比升40%至27亿元人民币，反映了公司有效管理成本。公司维持其2025年的指引，该行相信，即使美国关税带来不稳定性，但按首季强劲表现，很大可能可以达到。该行对公司H股目标价是89港元，评级“增持”。
该行亦提到，公司测试业务(WuXi Testing)持续面对挑战，首季业绩同比跌5%，非通用会计准则经调整毛利率由去年的33.3%跌至23.4%。同时，生物学业务(WuXi Biology)收入同比升8%，但价格战对非通用会计准则毛利率形成压力，较去年同期跌220个基点。
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