药明合联_收益回顾_2025 财年销售指引维持超 35% 增长不变，利润率有望稳定；中性评级

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha WuXi XDC (2268.HK) 26 March 2025 | 12:07AM HKT Earnings review: Unchanged FY25 sales guidance of over 35% growth, with potential stable margins; Neutral In line with profit alert, 2H24 revenue/adjusted NP of Rmb2,387mn/640mn, +111%/+227% y/y, that is mainly driven by growing ADC outsourcing market and more projects moving to later phases. NM at 24.4% (versus 9.4%/29.3% in 2H23/1H24), with GM 2268.HK 12m Price Target: HK$39.00 Price: HK$40.00 Downside: 2.5% at 29.5%, in line w ...