浦银国际研究 公司研究 | 医药行业 康龙化成（3759.HK/300759.CH）：新签 订单延续不错增速，维持全年收入指引 维持"买入"评级，上调港股目标价及 A 股目标价。 ●1H25 业绩大致符合此前盈利预告：公司 2Q25 实现收入人民币 33.42 亿 元（+13.9% YoY, +7.9% QoQ），接近此前盈利预告的对应的二季度中值， 符合我们在盈利预告之前的预期和 VA (Visible Alpha) 一致预期；Non- IFRS 经调整归母净利润为 4.06 亿元（+15.6% YoY, +16.3% QoQ）,同样接 近此前盈利预告对应的二季度中值，但略低于我们在盈利预告之前的预 期和 VA 一致预期，主要由于非经营性项目亏损略高于预期，包括财务 费用减值损失、外汇损失、减值损失均略高于预期。利润率方面，2Q25 毛利率为 33.7%，同比环比平稳；Non-IFRS 经调整净利率为 11.7%（+0.2 ppts YoY, +0.9 ppts QoQ）,同比环比轻微上升。 ●Top 20 药企二季收入增长强劲，下半年有望延续：1H25 来自于 Top 20 药企收入强劲增长 48% Yo ...

2025年8月22日，康龙化成披露接待调研公告，公司于8月22日接待摩根士丹利、高盛证券、中金证券、 中信证券、招商证券等30家机构调研。 公告显示，康龙化成参与本次接待的人员共1人，为首席财务官、董事会秘书李承宗。调研接待地点为 公司会议室。 据了解，康龙化成管理层对2025年半年度报告进行分析解读。上半年公司实现收入64.41亿元，同比增 长14.9%，归母净利润受上年股权处置收益影响同比下降37.0%，经调整的非《国际财务报告准则》下 归母净利润同比增长9.5%，新签订单同比增长超10%。来自MNC（Top20大药企）客户收入强劲增长 48.0%，现金流良好，新增客户超480家，活跃客户超2600家。公司推进长期战略，全球布局21个研发 中心和生产基地，人才储备充足，各板块项目丰富，还加强数智化投入。各业务板块中，实验室服务、 CMC服务、临床研究服务营收均有增长，大分子和细胞与基因治疗服务营收微增。 第一部分:公司管理层对2025年半年度报告进行分析解读。 2025年上半年,公司实现收入64.41亿元,同比增长14.9%。实现归母净利润为7.01亿元,同比下降37.0%,主 要由于上年同期处置 PRO ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 康龙化成(300759) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 整体业绩平稳增长，实验室服务和 CMC 服务贡 献主要增量 [Table_ReportDate] 2025 年 08 月 22 日 [Table_S 事件：2025 ummar年y]8 月 21 日，公司发布《2025 年半年度报告》。2025 年 H1 公司实现营业收入 64.41 亿元，同比增长 14.9%；实现归母净利润 7.01 亿 元，同比下滑 37.0%；实现扣非净利润 6.37 亿元，同比增长 36.66%；实 现经调整归母净利润 7.56 亿元，同比增长 9.50% ...

股票代码：300759.SZ 股票代码：3759.HK 中期业绩说明会 2 0 2 5 本文件和包含在此的信息，以及口头或其他方式提供的信息都是严格保密的，必须按保密对待。除符合适用的证券法外，本文件或本文件的任何副本所包含的信息均不得直接或间接地在美国、加拿 大、澳大利亚、日本、中华人民共和国、香港或任何其他禁止此类信息的司法管辖区获取、传播或分发。任何未能遵守此限制的行为都可能构成违反美国或其他司法管辖区的证券法。应要求，接收 方应立即归还本文件和演示文稿中提供的任何其他书面信息，而不保留任何副本。 本文件并不声称是全面的，也不包含接收方为评估集团可能需要所有信息。未作出任何明示或暗示的陈述、保证或承诺,且在法律允许的范围内,就文件及其内容的准确性、可靠性、正确性、公平或文 件其内容的完整性，任何人均不接受任何责任或义务(为免生疑问,包括但不限于公司及其子公司,控制人,董事、高管,合伙人,员工,代理人,上述任何一方的代表或顾问)。本演示文稿所传达的信息包含了 某些具有或可能具有前瞻性的陈述。这些语句通常包含诸如"will（意愿）"、"expected（期望）"、"intended（意图）"、"plans ...

Core Viewpoint - The company is enhancing its strategic focus on major clients by establishing a dedicated service team to improve customer response efficiency and satisfaction, while expanding its collaboration with multinational corporations (MNCs) across the entire drug development cycle [1] Group 1: Strategic Initiatives - The company has initiated a major client strategy since last year, forming a "triangular" business team consisting of client managers, solution managers, and delivery managers to provide in-depth services to strategic clients [1] - A specialized major client service team has been established this year to coordinate business development resources across regions including China, the US, and Europe, significantly improving customer response efficiency and satisfaction [1] Group 2: Collaboration with MNCs - The collaboration with MNCs has evolved from supplying molecular building blocks to a comprehensive CMC (Chemistry, Manufacturing, and Controls) service, with increasing depth and project scale [1] - The company now covers the entire R&D cycle for MNCs, including drug discovery, clinical development, and CMC services from clinical phases I-III to commercialization [1] Group 3: Innovation and Project Development - The company is leveraging its solid foundation of cooperation and client trust to enter the new molecular pipeline development field for MNCs, with ongoing projects in cutting-edge areas such as peptides (non-natural amino acid building blocks) and ADC (antibody-drug conjugates) design [1] - The company is continuously deepening its collaborative efforts in innovative therapies [1]

Core Viewpoint - The company reported a slight revenue beat in Q1 2025, with adjusted Non-IFRS net profit slightly below expectations, primarily due to higher-than-expected losses from non-operating items [1] Revenue Performance - Q1 2025 revenue reached RMB 3.099 billion, representing a 16% year-over-year increase but a 10.4% quarter-over-quarter decline, slightly above expectations [1] - Laboratory services and clinical research services outperformed expectations, contributing to revenue growth [1][2] Segment Analysis - Laboratory services revenue grew by 15.7% YoY and 1.6% QoQ, with gross margin slightly improving by 1.4 percentage points YoY and 0.2 percentage points QoQ [2] - CMC services revenue increased by 19.1% YoY but decreased by 31.5% QoQ, with a gross margin improvement of 2.5 percentage points YoY [2] - Clinical research services revenue rose by 14.2% YoY and fell by 14% QoQ, with gross margin also improving by 2.5 percentage points YoY [2] - CGT revenue grew by 7.9% YoY and 2.2% QoQ, although gross margin declined significantly by 30.3 percentage points YoY due to increased operational and depreciation costs [2] Order Growth - Overall new orders in Q1 2025 achieved a growth rate of over 10% YoY, with CMC's backlog orders growing by over 20% YoY [3] - Management maintains a revenue guidance of 10%-15% growth for the full year 2025, despite a slowdown in new order growth compared to previous quarters [3] External Factors - The impact of tariffs on the company is limited, with minimal reliance on U.S. sourced materials, and the company is well-prepared with sufficient inventory [4] - The recovery of overseas biopharmaceutical financing remains slow, with only signs of moderate recovery in VC financing [4] Investment Rating - The company maintains a "Buy" rating, with target prices set at HKD 20 for Hong Kong shares and RMB 32 for A-shares, reflecting a premium of 80% for A-shares compared to Hong Kong shares [5]

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 27.00 CNY per share for the next six months [4][6]. Core Insights - The company has shown a recovery in new orders and project deliveries, leading to improved performance in Q1 2025, with revenue reaching 3.099 billion CNY, a year-on-year increase of 16.03%, and a net profit of 306 million CNY, up 32.54% year-on-year [1][2][3]. Revenue and Profit Growth - The revenue breakdown for Q1 2025 includes laboratory services at 1.857 billion CNY (+15.74%), CMC at 693 million CNY (+19.05%), clinical research services at 447 million CNY (+14.25%), and large molecule and cell & gene therapy services at 99 million CNY (+7.94%) [2][3]. - The company expects a revenue growth of 10%-15% year-on-year for 2025, driven by a recovery in the innovative drug investment and financing sector [3]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 1.928 billion CNY, 2.148 billion CNY, and 2.389 billion CNY respectively, with an expected EPS of 1.08 CNY per share for 2025 [4][5]. - The report anticipates a steady increase in revenue from 13.792 billion CNY in 2025 to 17.759 billion CNY in 2027 [5][11]. Market Performance - As of April 25, 2025, the company's stock price was 23.19 CNY, with a market capitalization of approximately 41.236 billion CNY [6][7]. - The stock has shown a 12-month absolute return of 27.1% [7].