周三盘中，药明合联（02268）股价大涨5%，引起市场广泛关注。这一涨幅与交银国际最新发布的研报密切相关，该研报上调了药明合联的目标价，并对公司未来发展前景给予积极评价。
据悉，交银国际基于药明合联2024年强劲业绩和管理层指引，将公司2025-26年经调整净利润预测上调7-10%，同时将目标价上调至51港元。研报指出，药明合联2024年收入增长几乎翻倍，新签53个订单，北美业务快速扩张，体现了ADC研发外包行业的持续高景气度和公司CRDMO模式的服务质量优势。2024年，公司收入和经调整净利润分别同比增长91%和185%，超过此前盈利预告。
展望2025年，药明合联管理层指引收入增长35%，利润率有望保持稳定。公司全球双厂布局日趋完善，2024年北美地区收入同比增长180%，未完成订单总额增长超100%。新加坡产能预计将于2025年底投入运营，国内产能也在稳步扩张。这些积极因素推动投资者对公司未来发展前景充满信心，从而带动股价上涨。
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