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药明合联(02268.HK):业绩超预期 资本开支持续加码 高成长性确定性强

Group 1 - The company reported a revenue of 2.701 billion yuan in H1 2025, representing a year-on-year increase of 62.2%, and an adjusted net profit (excluding interest income and expenses) of 733 million yuan, up 69.6% [1] - The total amount of uncompleted orders reached 1.329 billion yuan, a year-on-year increase of 57.9%, with North America accounting for over half of this total [1] - The company signed 37 new iCMC projects and won 13 iCMC projects in H1 2025, with a total of 563 clients, reflecting a 64% increase [1] Group 2 - The company plans to invest 1.56 billion yuan in capital expenditures in 2025, with total capital expenditures expected to exceed 7 billion yuan by 2029 to expand domestic and international production capacity [2] - The new production facility in Wuxi is fully operational, and the new park is expected to be operational by May 2025, with sufficient order reserves [2] - The company expects Non-GAAP net profits of 1.696 billion yuan, 2.199 billion yuan, and 2.908 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 41, 32, and 24 times [3]