【券商聚焦】招银国际首予康龙化成(300759)“买入”评级指其有望受益于全球医药研发外包需求的持续增长

金吾财讯

Jan 23

金吾财讯 | 招银国际研报指，康龙化成(03759/300759)成立于2004年，是中国最早布局一体化CXO的企业之一，现已发展成为具备国际认可度的中国CXO领军企业。公司为全球客户提供覆盖药物研发全生命周期的服务。凭借其端到端服务能力，公司有望充分受益于全球医药研发外包需求的持续增长。

作为中国药物发现与临床前CRO领域的Top 2企业，康龙化成已战略性拓展至小分子CDMO、临床开发、大分子及细胞与基因治疗（CGT）领域，成功构建覆盖药物研发全流程的一站式CXO平台。该模式可显著降低客户在不同研发阶段切换供应商所带来的运营风险、时间延误与成本损耗。在当前生物制药企业愈发重视研发效率、速度与可靠性的背景下，该机构相信一站式CXO平台将持续在全球市场内享有显著的竞争优势。作为全球医药研发体系的深度参与者，康龙化成的业务表现与全球生命科学行业的宏观趋势高度关联。从融资与药企投入两大维度看，2025年下半年全球创新药研发需求已实现明显回暖。

该机构预计公司2025E/26E/27E收入将分别同比增长14.2%/14.8%/16.3%，non-IFRS净利润同比增长12.3%/17.8%/18.7%，对应PE为30.8x/ 27.0x/ 22.8x。首次覆盖，给予“买入”评级，目标价38.08元人民币。

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