Workflow
生物医药研发生产
icon
Search documents
药明生物(2269.HK):上调全年指引 CRDMO模式价值凸显
Ge Long Hui· 2025-08-24 18:52
机构:国泰海通证券 研究员:余文心/周航/陈铭/吴晗 风险提示:全球生物医药研发景气度风险;行业竞争加剧风险;全球宏观地缘风险;产能建设不达预期 风险;产能爬坡不达预期风险。 我们预计公司25/26/27 年EPS 分别为1.11/1.28/1.49 元。我们采用PE 估值方法,考虑到公司上调业绩指 引、CRDMO 模式稀缺,我们给予公司2025 年PE 倍数40 倍,目标价每股48.18 港元,维持"增持"评 级。 分子漏斗项目数不断扩大,在手订单充足保障未来增长。2025 上半年新增86 个项目为1H 历史新高,其 中超过一半新签项目来自美国,双抗、多抗、抗体偶联药物占新签项目比例超过70%。截至25H1,公 司864 个项目中包含67 个临床三期和24 个商业化生产项目,为未来商业化生产收入持续增长奠定坚实 基础。截至25H1,公司未完成订单总额达203 亿美元,未完成服务订单约114亿美元。临床三期项目推 进、商业化生产项目爬坡和早期项目的临床进展共同促进未完成服务订单增长,三年内未完成订单约42 亿美元,巩固近期收入增长预期。 M 端收入保持较快增长,北美地区收入增速展现韧性。临床前收入今年上半年同 ...
2025年乌鲁木齐市新质生产力发展研判:聚焦"5+2"产业集群布局,构建乌鲁木齐高质量发展增长极[图]
Chan Ye Xin Xi Wang· 2025-05-29 01:21
Core Viewpoint - Urumqi, as the capital of Xinjiang Uygur Autonomous Region, is a strategic hub for the "Belt and Road" initiative and is focusing on building a modern industrial system through the "Industrial Strong City" strategy, emphasizing advanced manufacturing, modern services, and urban agriculture [1][4][15]. Group 1: Economic Performance - Urumqi's GDP for 2024 is projected to reach 450.216 billion yuan, with a year-on-year growth of 5.3%, surpassing the national average [4][5]. - The primary industry is expected to achieve an added value of 32.47 billion yuan, growing by 6.6%; the secondary industry is projected to reach 1,327.33 billion yuan, with a growth of 10.8%; and the tertiary industry is anticipated to add 3,142.36 billion yuan, growing by 3.3% [5][7]. Group 2: Industrial Development - Urumqi is implementing the "5+2" modern industrial system, focusing on energy and chemical, equipment manufacturing, new materials, biomedicine, and electronic information, along with emerging industries like new energy and environmental protection [15][17]. - The city has seen a significant increase in industrial investment, with 138 industrial projects attracting a total investment of 105.66 billion yuan, marking a 25.8% increase year-on-year [7][9]. Group 3: New Quality Productive Forces - The concept of "New Quality Productive Forces" emphasizes innovation-driven development, characterized by high-tech, high-efficiency, and high-quality production, aligning with the new development philosophy [2][3][11]. - Urumqi is actively responding to national strategies by implementing policies that encourage the development of modern agriculture, green energy, and cultural tourism, among others [11][12]. Group 4: Policy Framework - The Urumqi government has introduced several policies to support the growth of new industries, including financial incentives for high-tech enterprises and measures to promote the development of industrial parks [11][12]. - The "Western Region Encouraged Industry Directory" has added 57 new encouraged industry items for Xinjiang, covering modern agriculture, green energy, and textile industries, providing strong policy support for regional industrial upgrades [11][12]. Group 5: Future Trends - Urumqi is focusing on high-end manufacturing and new material clusters, aiming to create three trillion-level advanced manufacturing clusters by 2025 [28][29]. - The city is also building a future industry ecosystem driven by "three new" initiatives, including commercial aerospace and low-altitude economy [30]. - Urumqi is committed to a green low-carbon transformation, with plans to increase the share of new energy installations to over 50% by 2025 [31].