20241031-开源证券-药石科技-300725.SZ-公司信息更新报告_公司在手订单增速稳健_营收环比恢复增长_4页_875kb

Chinese Summary (中文摘要)

医药生物/医疗服务行业研究报告主要关注药石科技（300725SZ）2024年前三季度的业绩表现与未来展望。当前股价为3600元，市值7188亿元。2024年Q3营收环比增长42.5%，但利润环比下滑明显，归母净利润和扣非净利润同比下滑幅度较大，反映出公司在行业压力下的经营挑战。

公司在手订单增长稳健，预计2024-2026年归母净利润将达到200亿、238亿、280亿元，对应PE分别为360倍、302倍、257倍。新签订单与海外拓展持续向好，尤其MNC（跨国药企）订单占比提升至29.03%，显示公司CDMO业务能力得到国际客户的认可。

尽管面临大客户订单波动等风险，但公司在药物研究及开发阶段订单增长，尤其是制剂CMO项目的推进，有望转化为商业化订单。短期需关注成本控制与海外产能布局的效率。估值方面，维持“买入”评级，长期成长性仍被看好。

English Summary (英文摘要)

The pharmaceutical sector research report focuses on Yactus Pharmaceutical Technology (300725SZ) Q3 2024 performance and future outlook. The current stock price is 3600 yuan with a market cap of 71.88 billion yuan. In Q3 2024, revenue increased by 42.5% month-on-month, but profit continued to decline, with net profit attributable to shareholders down by 87.5% year-on-year, reflecting ongoing industry pressures.

The company maintains stable order growth, projecting net profits of 2,000/2,380/2,800 million yuan for 2024-2026, corresponding PE ratios of 360/302/257 times. New orders and overseas expansion remain positive, particularly with MNC orders rising to 29.03%. R&D pipeline extends from preclinical to Phase II, signaling growth potential.

Despite risks including client volatility and capacity delays, the company is advancing its drug development projects, especially in CDMO services, positioning itself for long-term value. The buy recommendation remains unchanged.