Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company achieved a significant revenue growth of 62.2% year-on-year, reaching 2.7 billion yuan in the first half of 2025. The gross profit increased by 82.2% to 980 million yuan, and the adjusted net profit (excluding interest and expenses) rose by 69.6% to 730 million yuan [5][11] - The company has a robust order backlog of 1.33 billion USD, reflecting a year-on-year increase of 57.9%, with new contract signings growing by 48.4% [11] - The global ADC market is projected to reach 13.2 billion USD in 2024, with a compound annual growth rate (CAGR) of 34.0% from 2020 to 2024, and is expected to grow rapidly to 66.2 billion USD by 2030 [11] - The company’s market share in the ADC outsourcing service sector has increased from 9.9% in 2022 to 22.2% in the first half of 2025, solidifying its position as an industry leader [11] Financial Performance - For the first half of 2025, the company reported revenues of 2.7 billion yuan, with a gross profit of 980 million yuan and a net profit of 750 million yuan [5][11] - The company forecasts revenues of 5.99 billion yuan, 8.24 billion yuan, and 10.51 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 47.7%, 37.7%, and 27.5% [13][14] - The adjusted net profit is expected to be 1.51 billion yuan, 2.06 billion yuan, and 2.67 billion yuan for the same years, with growth rates of 41.5%, 36.2%, and 29.4% [13][14] Capital Expenditure and Expansion - The company plans to invest approximately 1.56 billion yuan in capital expenditures in 2025, with significant investments in its Singapore and Wuxi bases [12] - By 2029, total capital expenditures are expected to exceed 7 billion yuan, aimed at expanding production capacity for various ADC-related products [12]
药明合联（02268）：中期业绩增速可观，产能扩张中长期成长高度可期