瑞银发表研究报告指，基于药明合联领先的生物偶联CRDMO平台地位、产能的持续扩张及地缘政治风险的可控性，重申“买入”评级，目标价为89.5港元。报告提到，药明合联母公司药明生物在2025年新增的209个项目中，逾70个来自药明合联，远高于此前指引的60个以上。此外，公司料未来五年的营收将实现约30%的年复合增长率，增速快于行业平均水平。 针对美国《生物安全法案》的影响，公司表示药明生物正积极与客户及美国政府展开沟通，药明合联被列入相关清单的可能性较低，目前客户端的担忧有限。跨国药企在生物偶联领域的自有产能扩张有限，外包比例预计将持续保持高位。凭良好的业务记录，药明合联有望继续获取包括北美在内的全球新订单。
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