浙商证券发布研报称，2024Q1-2025Q2较多CXO龙头收入YOY环比逐季提升，大订单&投融资拖累触底 回升中，订单执行望驱动收入YOY保持稳健。2025Q1开始CXO单季度收入YOY平均值重回正增长 (2024Q1-2025Q1维度)，达到8.2%，2025Q2收入YOY相较25Q1再提升，达到11.6%。供需角度上看， 2025Q2代表CXO公司资本开支有所波动，在建工程仍在高位。多数CXO公司资本开支季度绝对值基本 处于小幅波动状态，整体较为平稳。在建工程仍在高位，说明CXO企业对产能扩张的预期仍偏乐观。 浙商证券主要观点如下： 股价复盘 本土：业绩&基本面拐点是主线。2024.12.31至2025.09.04医疗研发外包指数上涨60.41%，跑赢医药生物 (申万)指数36.15pct，其中美迪西、药明合联、药明生物、药明康德(A)、昭衍新药(A)表现较好。 海外：普遍上调业绩，需求有复苏迹象。从海外CXO2025年指引看：基本都有所上调，Medpace上调幅 度最大，前端需求呈现复苏迹象，CDMO强订单需求持续。 财务分析 成长性：收入YOY趋势持续向好。2024Q1-2025Q2较多CXO龙头收 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The report highlights the continuous upward development of the domestic innovative drug industry, with the company solidifying its leading position in clinical CRO and expecting sustained long-term performance growth due to international breakthroughs [1][11] - The company's 2024 revenue was reported at 6.603 billion RMB, a year-over-year decrease of 10.58%, primarily due to the impact of specific vaccine project bases and the cancellation of some domestic innovative drug clinical operation orders in H2 2024 [1][12] - The net profit attributable to the parent company for 2024 was 405 million RMB, reflecting a significant year-over-year decline of 79.99% [12] Summary by Sections Business Performance - Clinical trial technical service revenue for 2024 was 3.178 billion RMB, down 23.75% year-over-year, mainly due to the impact of specific vaccine projects and a decline in new order amounts for domestic innovative drug clinical operations [2] - Revenue from clinical trial-related and laboratory services was 3.296 billion RMB, showing a year-over-year increase of 5.61%, driven by strong demand and efficiency improvements [3] Profitability - The overall gross margin for 2024 was 33.95%, a decrease of 4.63 percentage points year-over-year, with clinical trial technical services gross margin at 29.56%, down 8.65 percentage points [4] - The report anticipates a gradual recovery in profitability, with expectations for gross margins to return to higher levels as order execution stabilizes [4] Order and Contract Insights - The company reported a net new contract amount of 8.42 billion RMB for 2024, a year-over-year increase of 7.3%, with a total backlog of contracts amounting to 15.78 billion RMB, up 12.1% year-over-year [11] - The overseas clinical operation business continues to grow rapidly, particularly in North America, with expectations for more high-quality MRCT orders [11] Financial Forecast - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to 1.18, 1.40, and 1.70 RMB respectively, with a projected PE ratio of 38 times for 2025 [12]