摩根士丹利发表研究报告指，药明系公司当前的估值未能充分反映早期需求复苏、价格见底以及新兴疗法带来的上行潜力等正面因素，认为业绩向好和积压订单增长均是行业正在回升的明确迹象，历时长达一年的《生物安全法案》事件去年底起宣告尘埃落定，而CRO及CDMO板块估值已回升至与2024年初水平，经历持续一年的低迷，认为随着全球生物科技行业融资逐渐回暖，研发需求复苏，加上产能利用率提升及ADC、BsAbs等新兴疗法蓬勃发展，预计药明系估值可进一步上升。
大摩预期药明系公司的股价上升潜力得到短中期盈利增长可见性、稳定性和质量的支持，最看好药明合联(02268.HK) 受地缘政治不稳定的影响最小，建议投资者可关注其订单前景及2025年有望转型为合同制造组织(CMO)，将2024年收入、纯利及经调整净利润预测上调10.1%、5.9%及6.9%，目标价由34.8元升至41.3元。。
大摩大致维持药明生物(02269.HK) 2024年收入预测不变，净利润预测上调3%，目标价维持31.6元不变。为反映拟出售ATU业务的影响，大摩将药明康德(02359.HK) 2024至2026年收入预测下调2%至10%，目标价上调至74.3元。(gc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-10 16:25。)
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