金吾财讯 | 中泰国际研报指，药明康德(02359)发布盈利预喜，预计2025年上半年收入同比增加20.6%至207.9亿元（人民币，下同），反映核心业务盈利的Non-IFRS经调整净利润将同比增加44.4%至63.1亿元。股东净利润同比增加101.9%至85.6亿元。公司二季度收入环比增加15.4%至111.4亿元，导致上半年收入将略超预期。公司不断改进生产工艺及提高营运效率来提高核心业务利润率，Non-IFRS经调整净利润提升幅度快于收入。此外，公司二季度继续出售药明合联（2268 HK）权益，预计上半年将共获益32.1亿元，因此股东净利润将大幅增加。按2025年二季度情况，该机构将2025-27E收入预测分别上调1.5%、0.4%、0.6%。2025-27E Non-IFRS经调整净利润预测分别上调9.5%、5.1%、4.2%，反映公司核心业务利润率的提高。此外， 2025E股东净利润预测上调20.0%，主要反映出售药明合联权益的影响，2026-27E股东净利润预测则分别上调5.1%、4.1%。根据调整后DCF模型，该机构将目标价从80.30港元调升至98.20港元，反映盈利预测的上调。由于公司股价近期上涨，评级调整至“增持”。
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