智通财经APP获悉，中邮证券发布研报称，首次覆盖药明合联(02268)，予“买入”评级。报告指，公司公布2025年上半年业绩，收入27亿元人民币，同比增长62.2%，净利润7.5亿元人民币，同比增长52.7%。截至上半年底公司iCMC项目总数达225个、上半年新签iCMC项目37个创历史新高，且展现了高度差异化的靶点选择与创新技术路径，与行业创新如XDC、双抗ADC等快速发展趋势保持一致;PPQ项目11个、上半年新签3个。截至上半年底公司未完成订单总额为13.3亿美元，同比增长57.9%，新签合同金额同比增长48.4%，其中北美地区的增速超过其他地区。
公司是全球性ADCCXO领军企业，拥有全面的研发技术平台，客户群与项目数量持续增长，产能稳步扩张。预计公司2025至27年各年营收为57.5亿、78.3亿及101.7亿元人民币，同比增长42%、36%及30%、净利润为16亿、22.6亿及30.2亿元，同比增长50%、41%及34%。
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