5月29日，A股三大指数集体走强。在主流医药主题指数中，早盘期间港股通医疗主题涨幅位居前列。 截至发稿，港股医疗ETF（159366）涨2.9%，成分股中药明合联涨超10%，微创医疗涨超9%，药明生 物涨超8%。 消息面上，据央视新闻，当地时间5月28日，在美国国际贸易法院裁决特朗普越权并叫停了特朗普关税 政策后，美股指期货28日晚上涨。道琼斯指数期货上涨近500点，涨幅1.1%；标准普尔500指数期货上 涨1.4%；纳斯达克指数期货在盘后交易中上涨1.6%。据悉，美国国际贸易法院的三位法官组成一个合 议庭，叫停了特朗普以紧急经济权力为由征收的全球关税，包括他于4月2日宣布的"解放日"关税。 港股医疗ETF(159366)为纯港股通ETF，支持T+0交易。该ETF紧密跟踪港股通医疗主题 （932069.CSI），该指数从港股通证券范围内选取50只业务涉及医疗器械、医疗商业与服务、制药与生 物科技服务等领域的上市公司证券作为指数样本，以反映港股通内医疗领域上市公司证券的整体表现。 国泰海通证券指出，STSP-1002Ib/II期初步结果显著降低死亡率，创新管线进入密集收获期。 平安证券指出，2025年ASCO年 ...

截至2025年5月23日，恒生医疗ETF近1年夏普比率为1.27，排名可比基金1/2，同等风险下收益最高。 回撤方面，截至2025年5月28日，恒生医疗ETF今年以来相对基准回撤0.45%，在可比基金中回撤最小。回撤后修复天数为43天。 费率方面，恒生医疗ETF管理费率为0.50%，托管费率为0.15%。 截至2025年5月29日 09:53，恒生医疗保健指数(HSHCI)强势上涨1.59%，成分股药明合联(02268)上涨7.47%，药明生物(02269)上涨6.84%，药明康德(02359)上 涨4.22%，微创医疗(00853)，四环医药(00460)等个股跟涨。恒生医疗ETF(513060)上涨1.40%，最新价报0.51元。拉长时间看，截至2025年5月28日，恒生医 疗ETF近2周累计上涨5.25%。流动性方面，恒生医疗ETF盘中换手3.13%，成交2.76亿元。拉长时间看，截至5月28日，恒生医疗ETF近1年日均成交12.43亿 元，居可比基金第一。 当地时间2025年5月30日至6月3日，2025年美国临床肿瘤学会（ASCO）年会将在美国芝加哥举行。目前，中国药企入选的临床研究逐年增多，展示了 ...

5月29日早盘，港股市场涨跌不一。截至发稿，恒生指数跌0.02%，恒生科技指数涨0.19%。 港股创新药ETF（159567）紧密跟踪港股通创新药指数（987018），该指数反映港股通生物科技产业上 市公司的运行特征。 消息面来看，据新京报贝壳财经，今年一季度，创新药领域和AI医疗领域表现活跃，相关基金产品收 益亮眼。年初至今，涨幅靠前的ETF基金当中，港股创新药、生物科技等ETF强势占据前八位，涨幅均 超过32%。与此同时，医药类主题基金也不甘落后，九成年内业绩呈现正增长。 兴业证券认为，医药板块利好政策频出，行业景气度有望稳步复苏。短期内，前期受医药反腐和集采影 响较大的院内市场，有望逐步复苏，建议关注制剂板块优质标的。中长期看，创新疗法具备较大增量和 替代需求，国产BIC/FIC创新药数量和质量稳步提升，国产化和走向国际均具备广阔空间，建议关注管 理效率优异、产品管线优质的制药企业。 民生证券指出，创新药板块催化不断，作为全年医药主线，创新药板块重点关注抗肿瘤、自免、GLP- 1、干细胞、基因治疗等方向，同时继续关注医药国产替代、医药消费特别是医美（胶原蛋白方向 等）、底部优质出海标的。 （本文机构观点 ...

1）R 端，自研和合作并举，不断精进偶联技术，丰富载荷和连接子工具箱；2）D端，已在无锡基地实 现200 米同园区一站式生产，全面覆盖ADC 四大核心板块，显著加速ADC 项目从早期发现到BLA 的全 流程；3）M端，按照计划有序扩充全球产能，新加坡基地将于25 年底落地。2024 年，公司迎来首个商 业化项目，随着多个项目进入PPQ 和商业化阶段，未来M端发展动能强劲。此外，24 年公司生产交付 XDC 分子1360 个，整体项目占比高达32.5%，有望成为新增长点。 机构：东方证券 研究员：伍云飞 全球ADC 与生物偶联药CRDMO 领导者。公司是专注于ADC 及更广泛XDC 的全球领先CRDMO，据沙 利文测算，2022 年公司全球市占率达9.8%，位居全球第二、国内第一。受益于前两大股东药明生物和 药明康德在大小分子CRDMO 上的技术、人才和产能积累，公司业绩高速增长：2020-2023 年营收和归 母净利润CAGR分别为180%和121%，24 年分别同比增长91%和277%。净利润加速释放，主要原因在 于：1）ADC 赛道高速发展；2）作为行业龙头带来的独特竞争优势。 ADC 赛道火热，外包服务 ...

药明合联 02268.HK 公司研究 | 首次报告 ⚫ 全球 ADC 与生物偶联药 CRDMO 领导者。公司是专注于 ADC 及更广泛 XDC 的全 球领先 CRDMO，据沙利文测算，2022 年公司全球市占率达 9.8%，位居全球第 二、国内第一。受益于前两大股东药明生物和药明康德在大小分子 CRDMO 上的技 术、人才和产能积累，公司业绩高速增长：2020-2023 年营收和归母净利润 CAGR 分别为 180%和 121%，24 年分别同比增长 91%和 277%。净利润加速释放，主要 原因在于：1）ADC 赛道高速发展；2）作为行业龙头带来的独特竞争优势。 盈利预测与投资建议 ⚫ 我们预测公司 2025-2027 年每股收益分别为 1.05、1.41 和 1.91 元，考虑到公司是全 球 ADC CRDMO 龙头，项目储备丰富，长期发展潜力大，因此采取 DCF 估值法，对 应目标价为 47.81 港元（按照 1:1.0831 汇率测算），首次给予"买入"评级。 | | 买入（首次） | | --- | --- | | 股价（2025年05月22日） | 36.8 港元 | | 目标价格 | 47.81 ...

| | 买入（首次） | | --- | --- | | 股价（2025年05月22日） | 36.8 港元 | | 目标价格 | 47.81 港元 | | 52 周最高价/最低价 | 49.5/14.08 港元 | | 总股本/流通 H 股（万股） | 120,269/120,269 | | H 股市值（百万港币） | 44,259 | | 国家/地区 | 中国 | | 行业 | 医药生物 | | 报告发布日期 | 2025 年 05 月 25 日 | 药明合联 02268.HK 公司研究 | 首次报告 风险提示 海外政策和市场环境、ADC 行业增速不及预期、CXO 行业竞争加剧、汇率和估值风险。 公司主要财务信息 伍云飞 wuyunfei1@orientsec.com.cn 执业证书编号：S0860524020001 香港证监会牌照：BRX199 | | | ⚫ 全球 ADC 与生物偶联药 CRDMO 领导者。公司是专注于 ADC 及更广泛 XDC 的全 球领先 CRDMO，据沙利文测算，2022 年公司全球市占率达 9.8%，位居全球第 二、国内第一。受益于前两大股东药明生物和药明康德在大小分子 CRD ...

Investment Rating - The investment rating for WuXi AppTec (02268.HK) is "Outperform the Market" [6][4] Core Views - The company achieved impressive growth in 2024, with a main business revenue of 40.52 billion yuan (+90.8%) and a net profit attributable to shareholders of 10.70 billion yuan (+277.2%) [2][9] - The gross margin for 2024 was 30.6% (+4.3 percentage points), and the net profit margin was 26.4% (+13.3 percentage points), indicating a significant improvement in profitability [2][9] - The company has a strong order backlog of 9.91 billion USD (+71.2%) and has expanded its customer base to 499 clients (+44.5%), including 13 of the top 20 global pharmaceutical companies [2][17] Summary by Sections Financial Performance - In 2024, the company reported a main business revenue of 40.52 billion yuan, a 90.8% increase from the previous year, and a net profit of 10.70 billion yuan, reflecting a 277.2% growth [2][9] - Non-IFRS adjusted net profit reached 11.74 billion yuan, up 184.8% [2][9] - The company’s gross margin improved to 30.6%, and net profit margin increased to 26.4% [2][9] Order and Client Growth - The company’s order backlog reached 9.91 billion USD, marking a 71.2% increase [2][17] - The number of clients grew to 499, with a 44.5% increase, including 13 of the top 20 global pharmaceutical companies contributing 32.0% of revenue [2][17] Technological Advancements - The WuXiDARx™ technology has supported 45 preclinical candidates and 7 clinical projects, enhancing the company's capabilities in ADC and XDC drug services [3][21] - The company has completed 83 IND submissions for ADC and 2 for XDC, with 34 projects in late-stage clinical development [3][21] Capacity Expansion - The company is actively expanding its global production capacity, with new production lines in Wuxi and Shanghai expected to enhance service capabilities in the European and American markets [3][22] - The second production line in Wuxi is set to commence operations in November 2024, and further expansions are planned for 2025 and 2026 [3][22]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of HKD 45.45 for the next six months [4][6][18]. Core Insights - The company achieved a revenue of CNY 4.052 billion in 2024, representing a year-on-year growth of 90.80%, and a net profit attributable to shareholders of CNY 1.070 billion, up 277.24% year-on-year [2][4]. - The growth is attributed to the continuous increase in ADC project numbers, the steady advancement of group projects to later stages, and improvements in operational efficiency [2][3]. - The company signed 53 new comprehensive projects in 2024, with an unfulfilled order amounting to USD 991 million, reflecting a 71% increase [3]. Revenue and Profit Forecast - The company is projected to achieve revenues of CNY 5.589 billion, CNY 7.433 billion, and CNY 9.515 billion for the years 2025 to 2027, with year-on-year growth rates of 37.93%, 32.98%, and 28.02% respectively [12][20]. - The net profit attributable to shareholders is expected to be CNY 1.371 billion, CNY 1.696 billion, and CNY 2.076 billion for the same years, with growth rates of 28.09%, 23.76%, and 22.41% respectively [12][20]. Valuation Analysis - The report indicates that the company's current price-to-earnings (PE) ratio is 29.76, which is close to its historical average [14][18]. - The estimated earnings per share (EPS) for 2025 is projected to be CNY 1.14, corresponding to a PE of 37 times [4][18]. - The report highlights that the company is well-positioned to benefit from the growing demand for ADC drug development and the high outsourcing rate in the industry [17].

Financial Performance - In 2024, the company achieved a revenue record of RMB 4,052.3 million, representing a year-on-year growth of 90.8%[9] - Gross profit reached RMB 1,239.8 million, a significant increase of 121.6%, with a gross margin of 30.6%[9] - Net profit surged by 277.2% to RMB 1,069.6 million, reflecting operational leverage and strict cost control measures[9] - Revenue for the year ended December 31, 2024, increased by 90.8% to RMB 4,052.3 million[22] - Gross profit for the year ended December 31, 2024, increased by 121.6% to RMB 1,239.8 million[22] - Net profit for the year ended December 31, 2024, increased by 277.2% to RMB 1,069.6 million[22] - Adjusted net profit for the year ended December 31, 2024, increased by 184.8% to RMB 1,174.0 million[22] - The company’s revenue increased by 90.8% from RMB 2,123.8 million for the year ended December 31, 2023, to RMB 4,052.3 million for the year ended December 31, 2024[73] - Adjusted net profit increased by 184.8% from RMB 412.3 million for the year ending December 31, 2023, to RMB 1,174.0 million for the year ending December 31, 2024[95] - Basic earnings per share grew by 217.9% from RMB 0.28 for the year ending December 31, 2023, to RMB 0.89 for the year ending December 31, 2024[96] Operational Expansion - The company expanded its global footprint and enhanced execution capabilities, with significant progress in its first overseas production base in Singapore[7] - The total number of ongoing integrated projects increased from 143 as of December 31, 2023, to 194 as of December 31, 2024[22] - The company is expanding its production capacity and attracting talent to meet the growing demand for bioconjugate drug CRDMO services globally[19] - The company is expanding its production capacity for antibody intermediates in Wuxi, China, and building new facilities in Singapore to meet growing demand for bioconjugate drugs[42] - The new Singapore facility is expected to start operations by the end of 2025, with four production lines planned for clinical and commercial production[45] - The company operates integrated CRDMO services from drug discovery to commercialization across its bases in Shanghai, Wuxi, and Changzhou[42] Research and Development - The proprietary WuXiDARx™ technology has successfully developed 45 preclinical candidates and 7 clinical projects, addressing diverse R&D needs[10] - The company launched innovative linker and payload technologies, including X-LinC, to optimize the therapeutic potential of ADCs[10] - The company is focused on optimizing ADC production processes to ensure consistency and successful scale-up for commercialization[39] - The company plans to submit 30 IND applications in 2024 and deliver over 300 batches of GMP-compliant products[1] - The company aims to enhance its platform to drive the development of the bioconjugate drug industry, benefiting global biopharmaceutical partners and patients[33] Client and Market Growth - The company ranked second globally and first in China in the ADC CRDMO sector based on 2022 revenue, with a strategy focused on empowering and winning molecular partnerships[59] - As of December 31, 2024, the company had 499 clients, a significant increase from 345 in 2023, reflecting a growing and diversified customer base[59] - Revenue from North America grew significantly, contributing RMB 2,030.4 million (50.1% of total revenue) in 2024, compared to RMB 851.9 million (40.1%) in 2023[74] - The company generated RMB 3,767.2 million from ADC projects, accounting for 93.0% of total revenue in 2024, up from 88.9% in 2023[79] Financial Management - Financial costs increased by 331.9% from RMB 0.7 million for the year ending December 31, 2023, to RMB 3.2 million for the year ending December 31, 2024, primarily due to increased interest expenses from bank loans[87] - Other income rose by 149.1% from RMB 92.3 million for the year ending December 31, 2023, to RMB 229.9 million for the year ending December 31, 2024, mainly driven by increased bank interest income[88] - The company maintains a centralized management of financial activities to control and reduce funding costs[111] - The company plans to manage foreign currency risk through forward contracts and hedge accounting for derivatives[120] Sustainability and ESG Commitments - The company implemented strict waste management and emission control standards, contributing to its ESG commitments[11] - The company aims to reduce greenhouse gas emissions by 50% by 2030, using 2021 as the baseline year, while expanding its operations[65] - The company is committed to social responsibility and sustainable growth, with details to be disclosed in its environmental, social, and governance report[199] Governance and Leadership - The board of directors includes experienced professionals with over 20 years in the biotechnology industry, such as Dr. Chen Zhisheng and Dr. Zhou Weichang[141][142] - The company has appointed Ulf Grawunder, an experienced entrepreneur in the life sciences sector, as an independent non-executive director[145] - The company emphasizes the importance of independent judgment in its governance structure, as highlighted by the roles of independent directors[145] - The independent non-executive directors have confirmed their independence as per the listing rules for the fiscal year ending December 31, 2024[165] Risks and Challenges - The company faces significant risks including potential declines in customer spending and demand, which could adversely impact its business, especially given the early-stage development of its products[200] - Increased competition in the industry may lead to customer attrition, affecting the company's market position[200] - The company's growth strategies and business expansion plans may not succeed, which could negatively impact its operations and financial performance[200] - The company may face challenges in successfully developing new technologies and improving existing ones to maintain its competitive edge[200]

Core Viewpoint - The CSI Hong Kong-Shanghai-Macau Pharmaceutical R&D Service Index has shown a decline of 20.89% over the past month, while it has increased by 1.05% over the last three months and decreased by 2.89% year-to-date [1] Group 1: Index Performance - The CSI Hong Kong-Shanghai-Macau Pharmaceutical R&D Service Index is currently at 1344.91 points [1] - The index was established on December 29, 2017, with a base point of 1000.0 [1] Group 2: Index Composition - The top ten weighted companies in the index are: WuXi Biologics (18.47%), WuXi AppTec (13.28%), Hangzhou Tigermed Consulting (7.0%), and others [1] - The index consists of no more than 50 listed companies providing drug research, development, and production services [1] Group 3: Market Distribution - The market distribution of the index holdings is as follows: Shenzhen Stock Exchange (35.66%), Shanghai Stock Exchange (32.49%), and Hong Kong Stock Exchange (31.85%) [1] Group 4: Industry Breakdown - The industry composition of the index holdings includes: Pharmaceutical and Biotechnology Services (86.14%), Chemical Drugs (11.95%), Agricultural Chemicals (1.39%), and Biopharmaceuticals (0.52%) [2] Group 5: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Special circumstances may lead to temporary adjustments of the index [2]