研报掘金丨信达证券:药石科技后端CDMO业务增长亮眼,盈利能力存在较大提升空间

格隆汇
Yesterday

信达证券研报指出,药石科技后端CDMO业务增长亮眼,盈利能力有望开始边际改善。从季度趋势来看,2025年Q2公司整体毛利率为31.74%,环比2025年Q1提升1.42pct,成功扭转先前连续4个季度环比下滑的趋势。随着营业收入的持续增长和产能利用率的提升,预计公司盈利能力存在较大提升空间。公司全面布局靶向蛋白降解药物、多肽及寡核苷酸药物、ADC药物等高景气度新兴赛道。对应PE估值分别为51.75倍、41.24倍、32.72倍。

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