【券商聚焦】招银国际维持药明合联(02268)买入评级指战略收购强化产能

金吾财讯

Jan 16

金吾财讯 | 招银国际研报指，药明合联(02268)发布2025年业绩预增公告，预计收入同比增长至少45%，净利润将同比增长至少38%，扣除利息收入和费用前经调整净利润同比增长超过45%，如再剔除汇率影响，此利润将同比增长超65%。XDC药物研发和生产需求持续快速增长。2025年新签创公司历史记录的70个iCMC项目，同比增长32%。该机构指，药明合联计划通过现金要约的形式收购东曜药业至少60%的股权，收购价为每股4港元，较东曜药业12月24日的收盘价溢价99%。东曜药业是国内领先的ADC CDMO服务提供商，2024年CDMO相关收入为2.07亿元。除了扩充药明合联的客户群体，收购东曜药业将可迅速提高公司的生产能力，特别是公司紧缺的ADC DS和DP产能，以满足客户当下旺盛的需求。该机构预计药明合联在2025E/26E/27E 的收入将同比增长 45.7%/ 36.6%/ 31.7%，经调整净利润同比增长34.9%/ 38.4%/ 32.9%，对应的经调整PE为56.2x/ 40.6x/ 30.5x，对应的PEG为2.0x/ 1.1x/ 0.9x。维持买入评级，上调目标价至88港元，以反映公司进一步强化的全球竞争力以及积极的需求展望。

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