研报掘金丨信达证券：药石科技后端CDMO业务增长亮眼，盈利能力存在较大提升空间

格隆汇2025-08-13

信达证券研报指出，药石科技后端CDMO业务增长亮眼，盈利能力有望开始边际改善。从季度趋势来看，2025年Q2公司整体毛利率为31.74%，环比2025年Q1提升1.42pct，成功扭转先前连续4个季度环比下滑的趋势。随着营业收入的持续增长和产能利用率的提升，预计公司盈利能力存在较大提升空间。公司全面布局靶向蛋白降解药物、多肽及寡核苷酸药物、ADC药物等高景气度新兴赛道。对应PE估值分别为51.75...

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