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， ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1]. Core Viewpoints - The nuclear medicine market is expected to grow significantly, with a projected global market size of USD 10.65 billion in 2023, reaching USD 31.44 billion by 2033, indicating a compound annual growth rate (CAGR) of 11.45% from 2024 to 2033 [4][19]. - The rise of Radionuclide Drug Conjugates (RDC) is a key driver for the nuclear medicine industry, with notable products like Pluvicto showing strong sales performance, achieving USD 1.392 billion in revenue in 2024, a 42% increase [19][22]. - China's nuclear medicine market is expected to grow from CNY 22 billion in 2017 to CNY 93 billion by 2025, with a CAGR of 32.4%, and further to CNY 260 billion by 2030, maintaining a high growth rate of 22.7% [26][28]. Summary by Sections Industry Overview - The closing index for the industry is 7754.01, with a 52-week high of 8490.25 and a low of 6070.89 [1]. Market Dynamics - The nuclear medicine sector is characterized by high barriers to entry and strong regulatory oversight, with significant advantages for companies with a comprehensive industry chain layout [6][29]. - The domestic nuclear medicine application level is significantly lower than that of developed countries, with a market primarily composed of traditional generic nuclear drugs [5][24]. Key Companies and Financial Projections - China Isotope & Radiation Corporation (1763.HK) and East China Pharmaceutical (002675.SZ) are leading players in the market, with extensive nuclear pharmacy networks and product pipelines [49][50]. - The financial performance of key companies indicates a robust growth trajectory, with China Isotope achieving a revenue of CNY 75.75 billion in 2024, and East China Pharmaceutical reporting CNY 10.12 billion in nuclear medicine revenue [49][50]. Regulatory Environment - Recent policies have been implemented to promote the development of the nuclear medicine industry, including the "Long-term Development Plan for Medical Isotopes (2021-2035)" which aims to enhance technology research and industry growth [26][27]. Future Outlook - The increasing focus on nuclear medicine, particularly in the context of precision therapy, is expected to drive further investment and innovation in the sector, with more domestic products anticipated to enter the market [19][24].