中银国际发布研报称，基于更保守的利润率假设，小幅下调康龙化成（300759）(03759)2025至26年盈 利预测，但因订单动能稳健部分抵消地缘干扰，盈利前景改善，上调了2027年及之后的收入预测。目标 价从18港元升至25港元，维持"买入"评级。 报告指，康龙化成2025年上半年新订单同比增长超10%，其中实验室服务和CMC分别同比增长10%和 20%，并新增9个III期和商业化项目。公司维持全年收入增长10%至15%的指引，预计下半年利润率改 善，主要受益于CMC规模效应、实验室服务稳定贡献及临床CRO价格企稳。大分子和细胞基因治疗业 务短期仍拖累利润，但中长期有望实现盈亏平衡。 该行称，康龙化成上半年收入同比增长15%，主要受首20大跨国药企和欧洲市场的贡献带动。核心业 务，尤其实验室服务和CMC保持良好增长态势，临床CRO趋于稳定，而大分子和细胞基因治疗业务仍 然疲弱。第二季度稳健增长，收入同比增长14%，按季增长8%，盈利能力按季改善，non-IFRS净利润 同比增长16%，按季增长15%。 ...

该行称，康龙化成上半年收入同比增长15%，主要受首20大跨国药企和欧洲市场的贡献带动。核心业 务，尤其实验室服务和CMC保持良好增长态势，临床CRO趋于稳定，而大分子和细胞基因治疗业务仍 然疲弱。第二季度稳健增长，收入同比增长14%，按季增长8%，盈利能力按季改善，non-IFRS净利润 同比增长16%，按季增长15%。 智通财经APP获悉，中银国际发布研报称，基于更保守的利润率假设，小幅下调康龙化成(03759)2025至 26年盈利预测，但因订单动能稳健部分抵消地缘干扰，盈利前景改善，上调了2027年及之后的收入预 测。目标价从18港元升至25港元，维持"买入"评级。 报告指，康龙化成2025年上半年新订单同比增长超10%，其中实验室服务和CMC分别同比增长10%和 20%，并新增9个III期和商业化项目。公司维持全年收入增长10%至15%的指引，预计下半年利润率改 善，主要受益于CMC规模效应、实验室服务稳定贡献及临床CRO价格企稳。大分子和细胞基因治疗业 务短期仍拖累利润，但中长期有望实现盈亏平衡。 ...

Core Viewpoint - The company reported a positive performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, driven by the recovery in innovative drug financing and an increase in new orders [1][2][4]. Revenue Summary - In Q1 2025, the company achieved revenue of 3.099 billion yuan, representing a year-on-year increase of 16.03% [1][2]. - Revenue breakdown by service: - Laboratory services: 1.857 billion yuan (+15.74%) - CMC services: 693 million yuan (+19.05%) - Clinical research services: 447 million yuan (+14.25%) - Large molecule and cell & gene therapy services: 99 million yuan (+7.94%) [2]. Profit Summary - The company reported a net profit attributable to shareholders of 306 million yuan in Q1 2025, reflecting a year-on-year growth of 32.54% [3]. Order and Project Delivery Summary - The company experienced a recovery in new orders, with a year-on-year increase of over 10% in Q1 2025, attributed to the resurgence in innovative drug financing [5]. - Core business is expected to grow steadily, with projected revenue growth of 10%-15% for 2025 [5]. - Specific growth in laboratory services includes a revenue increase of 15.7% and new orders growth of over 10% [5]. Investment Outlook - Projected net profits for the company from 2025 to 2027 are 1.928 billion yuan, 2.148 billion yuan, and 2.389 billion yuan, respectively [6]. - The expected EPS for 2025 is 1.08 yuan per share, with a target price of 27.00 yuan per share based on a 25x PE ratio, suggesting a "Buy-A" investment rating [6].