Core Viewpoint - Pro Pharmaceutical's CDMO business is outperforming its API business, indicating a shift towards a new growth phase for the company as the API sector faces industry cycle challenges [1] Group 1: Business Performance - The API business is currently at the bottom of the industry cycle, leading to performance pressure year-on-year [1] - The CDMO business is entering a harvest period, which is expected to drive the company's performance growth [1]

（文章来源：每日经济新闻） 长城国瑞证券8月11日发布研报称，给予九洲药业（603456.SH，最新价：18.45元）买入评级。评级理 由主要包括：1）主要经营业绩回暖，现金流表现较佳；2）CDMO项目管线持续丰富，新客户拓展顺 利；3）TIDES事业部及相关技术平台快速发展，积极推进产能扩张建设；4）API业务营收略有波动， 毛利率持续修复。风险提示：重点CDMO订单放量不及预期；原料药和中间体价格波动风险；环保政策 风险；安全生产风险。 ...