九洲药业获民生证券推荐评级 CDMO业务稳步增长

Core Viewpoint - Minsheng Securities has issued a recommendation rating for Jiuzhou Pharmaceutical (603456.SH) based on several positive indicators regarding its business performance and growth potential [1] Group 1: Revenue Structure - The revenue structure shows steady growth in the CDMO (Contract Development and Manufacturing Organization) business, while the specialty API (Active Pharmaceutical Ingredient) segment has experienced a year-on-year decline [1] Group 2: CDMO Funnel Data - The project funnel size for the CDMO business continues to expand, with a steady increase in the number of commercialized projects [1] Group 3: Emerging Technology Platforms - Significant progress has been made in establishing new technology platforms, with rapid growth in overseas orders for the TIDES (Therapeutics, Immunology, Drug Delivery, and Engineering Solutions) business [1]