智通财经APP获悉，招商证券发布研报称，药明合联(02268)是ADC CDMO的龙头企业，在技术平台、品质、效率及成本等方面全球领先，并估算集团市占率约20%。该行看好集团未来增长潜力，预计其2025至27年净利润分别达14.4亿、18.8亿及25.6亿元人民币，首次覆盖该股，予“强烈推荐”评级。
集团去年收入40.52亿元人民币，四年年均复合增长率达133%;去年净利润10.7亿元人民币，同比升122%;截至去年底，集团服务客户数499间，在手未完成订单总金额9.91亿美元，同比增71%。该行表示，药明合联在R端、D端已展现出技术及速度上的明显优势，相信凭借CRDMO一体化优势，公司助力、伴随龙头企业及明星项目增长，M端规模化放量空间值得期待。
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