Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Insights - The company has demonstrated rapid growth in performance, with a revenue of 2.7 billion yuan in the first half of 2025, reflecting a year-on-year increase of 62.2%, and a net profit of 750 million yuan, up 52.7% [4][5]. - The company is a leading global ADC CXO enterprise with a comprehensive R&D technology platform, a growing customer base, and an increasing number of projects [8]. Company Overview - Latest closing price: 74.50 HKD - Total shares: 1.228 billion - Total market capitalization: 91.486 billion HKD - 52-week high/low: 78.55/18.52 HKD - Debt-to-asset ratio: 29.94% - Price-to-earnings ratio: 62.9 [3]. Financial Performance - In the first half of 2025, the company achieved a gross margin of 36.1%, an increase of 4.0 percentage points year-on-year, driven by improved capacity utilization and the rapid ramp-up of new production lines [5]. - The company’s adjusted net profit margin (excluding interest income) increased by 1.2 percentage points to 27.1% compared to the same period in 2024 [5]. Project and Capacity Expansion - As of the first half of 2025, the company had a total of 225 iCMC projects, with 37 new contracts signed, marking a historical high [6]. - The company’s production lines are operating at high capacity, with significant orders in reserve, and plans for further expansion in Singapore and Wuxi [7]. Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 5.754 billion, 7.826 billion, and 10.174 billion yuan, respectively, with year-on-year growth rates of 42%, 36%, and 30% [11]. - Expected net profits for the same years are 1.601 billion, 2.259 billion, and 3.018 billion yuan, with growth rates of 50%, 41%, and 34% [11].
药明合联（02268）：业绩维持快速增长，产能扩张节奏顺利