Ge Long Hui·2025-09-28 07:03Core Viewpoint - Kanglong Chemical is recognized as a leading global drug research and development enterprise with a full-process, integrated, international, and multi-therapy approach [1] Company Summary - The company’s laboratory services, small molecule CDMO, clinical CRO, and large molecule and cell gene therapy services are expected to have ample growth momentum and broad growth space [1] - Kanglong Chemical is on a path to becoming a global integrated research and production service giant [1] Industry Summary - Given the growth prospects of the company and the global competitive advantages of China's CXO industry, a higher valuation level is deemed appropriate [1] - The report suggests a target price of 47.73 yuan based on a 40 times PE for 2026, and a target price of 39.34 Hong Kong dollars based on a 30 times PE for 2026 [1] - The report initiates coverage with a "recommend" rating [1]