3月26日周三盘中，药明合联（02268）股价大涨5%，引发市场关注。这一涨势与交银国际最新发布的研报密切相关。
交银国际在研报中上调了药明合联的目标价至51港元，并对公司2025-26年经调整净利润预测上调7-10%。此次上调主要基于药明合联2024年的强劲业绩表现和管理层对2025年的积极指引。2024年，公司收入和经调整净利润分别同比增长91%和185%，超出此前盈利预告。同时，公司全年新签53个综合CMC项目，总项目数达到194个，显示出ADC研发外包行业的持续高景气度。
展望2025年，药明合联管理层指引收入增长35%，并预计利润率将保持稳定，甚至有望进一步提升。公司在全球的产能布局也在稳步推进，新加坡新工厂预计将于2025年底投入运营，而国内产能也在持续扩张。值得注意的是，公司在北美市场表现尤为亮眼，2024年该地区收入同比增长180%。这些积极因素共同推动了投资者信心，促使股价上涨。
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