Group 1 - The core viewpoint is that the company is experiencing strong growth driven by high industry demand and the advantages of its CRDMO model, leading to an upward revision of profit forecasts and target price [1][2] - For 2024, the company expects revenue and adjusted net profit to grow by 91% and 185% year-on-year, respectively, with 53 new contracts signed, bringing the total project count to 194 [2] - The company maintains a leading market share, having enabled clients to submit 30 IND applications, ranking first globally, and 60% of ADCBD transactions over $1 billion by Chinese companies utilized its CRDMO services [2] Group 2 - The company is expanding its global dual-factory layout, with North American revenue expected to grow by 180% in 2024, and the contribution from regions outside China increasing from 69% in 2023 to 74% [3] - The company is rapidly advancing its capacity construction in Singapore, expected to be operational by the end of 2025, while domestic capacity continues to expand with new production lines planned for 2025-2027 [3] - Management anticipates capital expenditures exceeding 1.4 billion RMB in 2025, supported by 3.5 billion RMB in cash and positive operating cash flow by the end of 2024 [3]
交银国际：升药明合联(02268)目标价至51港元 行业高景气度+CRDMO模式优势持续驱动业绩强劲增长