金吾财讯 | 西南证券发研报指，2024Q1-3CXO行业收入逐季回升，但利润整体仍有承压。分季度看，选取的20家CXO企业24Q3收入为226.1亿元(同比下滑1.8%；环比提升7.6%)；归母净利润35.9亿元(-28.8%)；扣非归母净利润增速为-31.6%。该行表示，美联储今年内的两次降息，生物医药一级投融资环境或将向好，市场流动性预期恢复，创新药产业链将产生估值修复机会；头部CXO新冠商业化订单已消化完全，地缘博弈有待落地；板块估值回落至历史底部，个股估值仍呈现分化。该行续指，短期维度看，商业化订单持续消化，CDMO表观业绩承压；海外成熟CXO临床管线稳步推进，临床前需求仍有待修复。中期维度看，多肽类药物商业化在即，GLP-1产业链乘风起航；国内企业小分子CDMO业务更为成熟，生物药CDMO仍在成长期。长期维度看，AI技术在新药研发各阶段、多疾病领域广泛应用；CGT等新兴业务仍处于早期发展阶段，订单获取+R端建设决定核心竞争力。
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