药明合联供需两旺驱动1H25业绩超预期

交银国际2025-07-24

1H25业绩超预期：药明合联发布1H25业绩预告：预计收入同比增长超过60%，经调整净利润(不含利息收入及开支)同比增长超过67%，净利润同比增长超过50%，高于我们和市场的预期，也高于公司此前对于2025全年的指引(收入增长35%以上)。供需两旺驱动高增长：1)行业需求充足：ADC/XDC行业的下游景气度维持高位；2)市场份额提升：公司在XDC CRDMO市场中持续获得市场份额；3)产能高效释放...

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