摩根士丹利预计药明康德(02359.HK) 股价未来30天内将绝对上涨，因该公司公布2025年上半年收入约208亿元人民币，按年增长21%，调整后纯利约63亿元，按年增长44%，分别超出大摩预期约5%和15%。2025年次季收入和利润按年增长分别达20%和48%，远高于公司全年持续经营业务收入增长10%至15%的指引。
大摩认为，药明康德H股相较于其他药明系股票估值更具吸引力，2025年预期市盈率约18倍，低于药明生物(02269.HK) 的25倍及药明合联(02268.HK) 的32倍。随着更多业绩披露(如订单积压、产能扩张、订单进展)陆续公布，大摩预计估值折让将收窄，而有关情景发生的概率约为70%至80%。
大摩基于药明康德A股(603259.SH) 目标价推算，予药明康德(02359.HK) 目标价为93元， 评级“增持”。(hc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-10 16:25。) (A股报价延迟最少十五分钟。)
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