> 数据图表想关注一下CXO&科研服务产业链：CXO边际改善，科研上游有复苏趋势2025-9-3CXO&科研服务产业链：CXO边际改善，科研上游有复苏趋势◼CXO&科研服务产业链：CXO边际改善，科研上游边际复苏◼ 供需错配现状持续改善，2025H1 CXO板块业绩触底反弹。从结构上看，以睿智生物和成都先导为代表的CRO业绩表现亮眼，值得注意的是，龙头药明康德业绩表现持续亮眼,同时，科研上游在2025Q2也开始边际复苏➢ 我们认为，CXO和上游科研服务行业经历几年的低迷后，目前行业供给侧扩张速度明显放缓、需求端在海外订单带动下有望持续回暖，供需关系改善景气度有望持续修复，结构上，1）龙头综合实力突出、韧性较强有望率先复苏，建议关注凯莱英、药明康德；2）建议关注仿制药以及国内创新药CRO。图：CXO公司收入增速及利润增速情况图：科研上游公司收入增速及利润增速情况资料来源：wind，华源证券研究；注：图表中利润为归母净利润90收入增速归母净利润增速百诚医药301096.SZ600721.SH 百花医药博济医药300404.SZ博腾股份300363.SZ688222.SH 成都先导诚达药业301201.SZ688131.SH 皓元医药688238.SH 和元生物泓博医药301230.SZ603456.SH 九洲药业002821.SZ300759.SZ688202.SH 美迪西诺思格301333.SZ普蕊斯301257.SZ睿智医药300149.SZ万邦医药301520.SZ688621.SH 阳光诺和603259.SH 药明康德药石科技300725.SZ603127.SH 昭衍新药泰格医药300347.SZ凯莱英康龙化成202367.5%5.5%31.2%-47.9%12.6%0.7%38.4%-29.7%2.3%1.4%-23.7%12.4%-17.7%13.2%29.6%-14.2%31.1%37.8%2.5%8.2%4.8%4.2%2024-21.2%4.5%33.5%-17.9%15.0%-19.6%20.8%21.2%11.2%-6.6%-25.8%6.4%-24.0%3.1%5.7%-14.8%10.9%15.7%-2.7%-2.1%-15.1%-10.6%2025H12023-36.7%2.9%5.9%19.9%16.6%11.2%24.2%6.0%32.7%3.9%18.2%14.9%3.6%0.2%-1.1%14.8%-21.6%4.9%20.6%23.5%-21.3%-3.2%40.1%137.3%-12.0%-86.7%61.2%-14.6%-34.2%-425.9%-44.0%12.2%-31.3%16.5%-109.8%43.3%86.1%-352.8%9.5%18.1%9.0%-37.2%-63.0%0.9%2024-119.4%219.7%18.2%-207.8%26.1%-130.9%58.2%-151.5%-54.6%-41.3%-58.2%12.0%-896.2%-13.7%-21.0%75.3%-20.9%-4.0%-1.6%11.2%-81.3%-80.0%2025H1-97.7%12.5%-48.3%115.9%390.7%-49.1%115.5%7.7%55.0%10.7%23.7%-37.0%81.6%4.5%-1.4%140.3%-51.3%-12.6%101.9%-26.5%135.9%-22.2%收入增速2023202420.5%688046.SH 药康生物-17.4%688293.SH 奥浦迈14.6%301080.SZ 百普赛斯688356.SH 键凯科技 -28.3%688690.SH 纳微科技 -16.9%30.9%688073.SH 毕得医药21.0%688265.SH 南模生物4.0%688315.SH 诺禾致源301393.SZ 昊帆生物 -13.1%688137.SH 近岸蛋白 -42.1%688426.SH 康为世纪 -67.2%-64.0%688105.SH 诺唯赞12.5%301047.SZ 义翘神州2.6%301166.SZ 优宁维10.4%22.3%18.6%-22.3%33.3%0.9%4.0%5.5%16.2%-16.7%-26.5%7.1%-5.1%-8.8%2025H110.1%23.8%29.4%0.9%21.7%17.9%10.7%4.4%20.1%20.9%29.7%-6.6%6.1%-8.6%归母净利润增速2023-3.5%-48.7%-24.6%-38.0%-75.1%-24.9%-281.2%0.5%-23.5%-85.8%-153.0%-111.9%-14.1%-62.2%2024-30.9%-61.0%-19.4%-74.2%20.8%7.2%131.6%10.5%35.4%-523.7%-86.2%74.5%-53.1%-74.8%2025H1-7.1%55.6%47.8%-21.1%40.5%41.6%298.7%1.0%15.3%-172.0%-11.7%-80.6%-4.6%-188.6%华源证券健康医疗
