药明合联供需两旺驱动1H25业绩超预期

交银国际
Jul 24

1H25业绩超预期:药明合联发布1H25业绩预告:预计收入同比增长超过60%,经调整净利润(不含利息收入及开支)同比增长超过67%,净利润同比增长超过50%,高于我们和市场的预期,也高于公司此前对于2025全年的指引(收入增长35%以上)。供需两旺驱动高增长:1)行业需求充足:ADC/XDC行业的下游景气度维持高位;2)市场份额提升:公司在XDC CRDMO市场中持续获得市场份额;3)产能高效释放...

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