康龙化成成立于2004 年，是中国最早布局一体化CXO 的企业之一，现已发展成为具备国际认可度的中 国CXO 领军企业。公司为全球客户提供覆盖药物研发全生命周期的服务。凭借其端到端服务能力，公 司有望充分受益于全球医药研发外包需求的持续增长。我们首次覆盖康龙化成，给予"买入"评级，目标 价38.08 元人民币。 受益于行业需求复苏。作为全球医药研发体系的深度参与者，康龙化成的业务表现与全球生命科学行业 的宏观趋势高度关联。从融资与药企投入两大维度看，全球创新药研发需求在2H25 已实现明显回暖。 据医药魔方数据，2H25 全球创新药融资额同比增长22.5%，其中中国同比激增215.4%。随着美联储有 望延续降息周期，我们判断融资回暖趋势大概率延续至2026 年。此外，全球Top 10 药企1H25 合计研发 投入同比增长5.3%，重回正增长轨道，头部Biotech 公司研发支出亦趋于稳定，进一步夯实CXO 行业需 求基础。 首次覆盖给予"买入"评级，目标价38.08 元人民币。预计公司2025E/2026E/ 2027E 收入将分别同比增长 14.2%/ 14.8%/ 16.3%，non-IFRS 净利润同比 ...

Investment Rating - The report initiates coverage on 康龙化成 with a "Buy" rating and a target price of 38.08 RMB, indicating a potential upside of 21.7% from the current price of 31.30 RMB [1][3]. Core Insights - 康龙化成 is recognized as a leading integrated CXO company in China, established in 2004, providing comprehensive services throughout the drug development lifecycle. The company is expected to benefit from the growing global demand for pharmaceutical R&D outsourcing [1][7]. - The report highlights the company's strategic expansion into various sectors, including small molecule CDMO, clinical development, and large molecule & cell and gene therapy (CGT), which positions 康龙化成 as a competitive player in the global market [7]. - The company is projected to achieve revenue growth rates of 14.2%, 14.8%, and 16.3% for FY25E, FY26E, and FY27E, respectively, with adjusted net profit growth rates of 12.3%, 17.8%, and 18.7% for the same periods [7][11]. Financial Summary - For FY23A, 康龙化成 reported sales revenue of 11,538 million RMB, with a year-on-year growth of 12.4%. The adjusted net profit for the same period was 1,903 million RMB, reflecting a growth of 3.8% [2][11]. - The company’s sales revenue is expected to reach 14,022 million RMB in FY25E, with a projected growth of 14.2% year-on-year [2][11]. - The adjusted net profit is forecasted to be 1,804 million RMB in FY25E, with a year-on-year increase of 12.3% [2][11]. Shareholder Structure - The shareholder structure indicates that 19.3% of the shares are held by Hong Kong investors, while the actual controller holds 17.7% [4]. Stock Performance - The stock has shown a 1-month absolute return of 8.6% and a 6-month return of 15.1%, indicating positive market sentiment [5].