산업
Pharma R&D Outsourcing
Pharma R&D Outsourcing 산업의 모든 리포트 — 총 7건.
51/100
62Buffett
WuXi AppTec Co., Ltd.: Chemistry Resets the Earnings Base, the U.S. Question Stays Open, and HK$199.10 Leaves No Conservative Discount
WuXi AppTec is China's largest integrated drug-discovery, development and manufacturing contractor, monetising a 3,731-molecule small-molecule funnel as customer programs move into commercial production. H1 2026 revenue rose 38.9% and adjusted net profit 83.2% to a 40.0% margin, prompting management to lift full-year revenue guidance from CNY51.3-53.0bn to CNY58.5-60.5bn. Rating Hold: at HK$199.10 the shares sit just below the HK$200-230 base intrinsic-value band and inside the HK$185-245 acceptable-hold zone, with no discount to the HK$150-170 conservative case, while U.S. customers supplied about 72% of 2025 continuing revenue.
35/100
JOINN Laboratories (China) Co., Ltd.
JOINN Laboratories is China's largest listed non-clinical CRO, running GLP toxicology and drug-safety studies while owning a herd of more than 20,000 research primates carried on the balance sheet at fair value. Reported earnings are now driven by that biological-asset line rather than by service margins: H1 2026 guidance puts attributable net profit at RMB 600.1 million to RMB 900.2 million on revenue of only RMB 668.6 million to RMB 739.0 million, with macaque revaluation contributing RMB 703 million to RMB 777 million while laboratory services swing between a RMB 142 million loss and a RMB 65 million profit. Rating Avoid: at CNY 49.70 the A-share trades near 75x trailing earnings and at roughly a 130% premium to its own H-share, capitalizing a cyclical accounting gain as if it were durable service profit.
44/100
Hangzhou Tigermed: A Genuine China CRO Recovery, Priced Ahead of Clean Earnings
Hangzhou Tigermed is China's largest homegrown clinical CRO, running a domestic clinical-trial franchise alongside a fast-growing overseas and laboratory-services business that together produced RMB 6.83 billion of 2025 revenue. Bookings and backlog both re-accelerated in 2025 (net new bookings up 20.6%, backlog up 15.4%) and first-quarter 2026 operating cash flow rose 60.5%, yet adjusted attributable profit still fell 58.5% to RMB 355 million and the controlling shareholders have been under CSRC investigation over historical disclosure issues since May 2026. Rating Hold: the recovery in orders and cash flow is real, but at CNY 51.90 the A-share already prices much of that repair while clean earnings quality and governance credibility still need proof, leaving little margin of safety.
55/100
캉롱화청(Pharmaron Beijing): 수주 모멘텀은 돌아왔지만, 플랫폼은 아직 미완성이다
Pharmaron Beijing은 통합 의약품 R&D 아웃소싱 플랫폼으로, 2025 회계연도 매출 81.6억 위안(총이익률 45.1%)을 벌어들이는 연구소 서비스 엔진이 CMC, 임상, 바이오의약품 역량 구축 자금을 여전히 대주고 있다. 2025 회계연도 매출은 14.8% 증가한 141.0억 위안이었고 귀속 순이익은 전년도 투자이익 기저효과로 7.2% 감소한 16.6억 위안이었으며, 2026년 1분기 신규 수주는 30% 넘게 증가(CMC 수주는 50% 넘게 증가)했으나 매출의 약 61.8%가 북미에서 발생해 업종 전반의 지정학적 디스카운트에 노출되어 있다. 등급 보유: 우수한 디스커버리·화학 프랜차이즈가 실질적이지만 아직 미완성인 더 넓은 CRDMO로의 이행 자금을 대고 있으며, 현재 CNY 29.11 가격은 CNY 25 미만의 안전마진 진입가에 못 미친다.
47/100
27Buffett
Samsung Biologics (207940) Zen Horizon Framework Deep Dive: A Global CDMO Champion Newly Purified by Spin-Off, Where an Excellent Business Meets a Rich Price and Unproven BIOSECURE Upside
Samsung Biologics is the world's largest biologics CDMO, a contract development and manufacturing platform that became a pure-play CDMO after spinning off Samsung Bioepis in November 2025. Its core case rests on world-leading capacity of roughly 780,000 liters, operating margin near 45%, revenue growth above 30%, relationships with 17 of the world's top 20 pharmaceutical companies, and a $21.4B backlog, but the valuation already prices in capacity leadership and BIOSECURE upside that has not yet been proven in orders. Report rating Hold: a top-tier compounder deserves a premium, but at the current price the margin of safety is thin.
46/100
62Buffett
WuXi AppTec Zen Horizon Framework Deep Dive: A Fine Business, a Fair Price, and an Unresolved Geopolitical Catch
WuXi AppTec is the global leader in small-molecule CRDMO, with the highest gross margin among peers and core recurring net profit still up 32.6%. The central thesis is that the business quality remains high, but the H-share price of HKD 125.6 sits only inside a neutral valuation band, lacks a margin of safety, and still carries unresolved BIOSECURE/1260H binary geopolitical risk plus ongoing controlling-shareholder selling. Research rating Watch: a high-quality compounder worth monitoring, but current price and unresolved tail risk do not justify a new-position entry.
38/100
Charles River Laboratories Deep Value Investment Research
Charles River Laboratories is a real non-clinical R&D outsourcing platform now moving through portfolio restructuring and regulatory migration. The core thesis is that the current price of about $180.71 sits only near the lower end of neutral value ($180-195), with too little margin of safety, while an ideal entry would require a pullback to $130-150. Report Rating Watch: a credible cash-generative platform, but the recovery and regulatory transition are not yet proven enough for a Buy.