中金发表研报指，药明合联上半年业绩超过该行预期。收入27亿元，按年增加62.2%；毛利润9.8亿元，按年增加82.2%；经调整净利润8亿元，按年增加50.1%，扣除利息收支后为7.3亿元，按年增加69.6%。中金认为，收入强劲增长主要因全球抗体药物偶联物(ADC)需求景气度高、公司市场份额提升、以及项目向后期推进价值量增加，盈利能力提高主要得益于营运效率提升及新产能快速爬坡。截至6月底止，公司未完成订单达13.3亿美元，按年增长57.9%，其中北美客户增长强劲(占比超50%)，该行认为公司订单保持强劲增长态势，测算新签订单金额约7.2亿美元，按年、按半年均快速增长。 考虑到全球ADC研发及生产需求景气度高且公司领先地位持续巩固，中金上调公司2025及26年经调整净利润预测各6.3%及10.2%，至分别16.9亿及23.3亿元；考虑到近期医药板块估值中枢上移，上调目标价66.7%至75港元，维持“跑赢行业”评级。
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