金吾财讯 | 招商证券研报指，维亚生物(01873)发布2025年中报：上半年公司实现营业收入8.32亿元、同比-15.5%；毛利率40.8%、同比+6.3pct；实现净利润1.49亿元、同比+3.1%；经调整Non-IFRS净利润1.84亿元、同比+9.1%。CRO业务板块收入恢复增长，毛利率持续改善。朗华业务（CDMO+API+中间体及制剂）收入结构升级，商业化项目放量可期。该机构指，公司在蛋白解析领域位于行业领先地位，CRO业务有望受益于后续美联储降息以及投融资逐步复苏；CDMO重磅商业化品种放量将拉动朗华的收入以及盈利水平提升。考虑到CDMO业务交付节奏影响，该机构预计公司2025-2027年将实现收入19、22、27亿元，经调整Non-IFRS净利润3.2、3.7、4.8亿元，对应PE为16、14、11倍，维持“强烈推荐”投资评级。
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