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【券商聚焦】交银国际维持康龙化成（03759）买入评级 指三大板块新业务机会齐发力

金吾财讯
13 hours ago

金吾财讯 | 交银国际研报指，康龙化成（03759）1H26收入、订单高增长，全年指引上调：1H26收入和经调整净利润分别增长18%/20%。来自全球TOP20药企的收入同比+32%；中国大陆客户收入+42%。1H26公司新签订单金额同比增超30%，2Q继续保持高增速，为2H26业绩能见度提供支撑。分板块看：1）实验室服务收入+14%，新签订单金额增超20%，生物科学收入贡献超60%；但毛利率受汇率影响小幅下滑至40.7%。2）CDMO收入+33%，药物发现服务客户贡献85%以上；新签订单金额大增50%以上，小分子项目管线持续向后期推进；多肽固相合成、ADC DS/DP产能均在布局中，ADC后期产能有望明年投产；毛利率同比改善至 25.6%。3）临床服务收入+14%，新签订单金额增长超30%；订单价格亦有回暖趋势，2Q毛利率环比+5.0ppt，管理层预计逐季改善趋势将在年内持续。管理层将全年收入增速指引从12-18%上调至15-20%。该机构下调2026年盈利预测，以反映人民币升值带来的潜在损失，但上调2028年预测以反映该机构对于CDMO业务更乐观的预期。该机构继续基于退出估值折现法和21倍目标退出市盈率倍数对公司估值，并将模型向前滚动一年，得到最新目标价46.6港元/64.1元人民币（300759 CH/买入），其中港股目标价对应28.8倍/0.9倍2027年市盈率/PEG，估值吸引，维持买入及CXO板块重点推荐。

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