机构：西部证券 研究员：李梦园/徐子悦 药明合联（WuXi XDC）是全球领先的生物偶联药合同研究、开发和生产企业(CRDMO)。公司于2023 年11 月17 日港交所IPO 首日上市，上市后业绩持续高速增长，2022-2024 年营业收入CAGR 为102%。 行业需求旺盛，全球产能紧缺，公司加大CAPEX 投入，预计至2029 年超70 亿元人民币，旨在扩大全 球领先地位。ADC 全球研发热度高涨，产能紧缺，中国企业凭借产业链竞争优势，有望持续受益于高 景气。在此背景下，药明合联持续加大产能投入，预计2025 年资本开支为15.6 亿元人民币（约9 亿元投 入新加坡基地，约4.5 亿元投入无锡基地），到2029 年将超过70亿元人民币，旨在扩大公司国内外产 能。公司坚持"全球双厂生产"战略，产能布局包括中国上海、无锡及常州等国内基地，以及海外新加坡 生产基地，提升供应链竞争力。新加坡基地已于2025 年6 月达成机械竣工里程碑，预计将于2026 年进 行GMP 生产。 48.1%/35.2%/32.3%，归母净利润16.07/21.71/29.10 亿元，同比增长50.3%/35.1%/34.1%。首次 ...

公司深度研究 | 药明合联 全球领先的生物偶联药 CRDMO，扬帆起航 药明合联（2268.HK）深度报告 药明合联（WuXi XDC）是全球领先的生物偶联药合同研究、开发和生产企 业(CRDMO)。公司于 2023 年 11 月 17 日港交所 IPO 首日上市，上市后业 绩持续高速增长，2022-2024 年营业收入 CAGR 为 102%。 行业需求旺盛，全球产能紧缺，公司加大 CAPEX 投入，预计至 2029 年超 70 亿元人民币，旨在扩大全球领先地位。ADC 全球研发热度高涨，产能紧 缺，中国企业凭借产业链竞争优势，有望持续受益于高景气。在此背景下， 药明合联持续加大产能投入，预计 2025 年资本开支为 15.6 亿元人民币（约 9 亿元投入新加坡基地，约 4.5 亿元投入无锡基地），到 2029 年将超过 70 亿元人民币，旨在扩大公司国内外产能。公司坚持"全球双厂生产"战略， 产能布局包括中国上海、无锡及常州等国内基地，以及海外新加坡生产基地， 提升供应链竞争力。新加坡基地已于 2025 年 6 月达成机械竣工里程碑，预 计将于 2026 年进行 GMP 生产。 项目数及在手订单高速增长， ...

Core Insights - The health industry is undergoing significant transformation and value reconstruction, driven by the "Healthy China 2030" strategy, shifting from scale expansion to high-quality development, with breakthroughs in biotechnology, innovative therapies, and smart healthcare [1] - The recent Health Industry Capital Summit 2025 focused on exploring new opportunities and challenges in pharmaceutical innovation and development, with insights from industry leaders and investment representatives [1] Group 1: Capital Market Role - Capital markets need to precisely support industry development by acting as a "fuel station" for industry growth, helping numerous biopharmaceutical and medical device companies access capital markets for funding [1] - Capital markets serve as a "watchtower" for industry insights, creating professional research teams that cover the entire pharmaceutical value chain and provide forward-looking research support [1] - The integration of "research + investment banking + investment" models is essential for establishing health industry funds and hosting innovative drug summits to break down information barriers and accelerate innovation [1] Group 2: Innovation and R&D Strategies - China's innovative drug landscape is characterized by an "east rising, west declining" trend, with strong support from pipeline quality, clinical efficiency, molecular innovation, and the release of engineering talent [2] - Companies need to focus on unmet clinical needs and differentiate their pipeline layouts in areas such as oncology, central nervous system, and cardiovascular diseases to build competitive advantages [2] - The integration of cutting-edge technologies like synthetic biology, AI, and molecular evolution is driving innovation in bioconjugate drugs, with platforms that enhance drug stability and reduce adverse reactions [3] Group 3: CRO and R&D Empowerment - Contract Research Organizations (CROs) play a crucial role in supporting innovative drug development through specialized talent, efficiency improvements, global presence, and technology applications [3] - The demand for specialized CRO services is expected to grow as innovative drugs transition from "following" to "leading" in the market, with Chinese CRO penetration rates around 45% [3]