中信建投则指出，23年底以来海外投融资逐渐恢复，下游需求维持向好，国内投融资底部趋稳，下游需求仍有待恢复。受益于国内CXO产业链的全面以及竞争力的领先，行业受地缘政治影响目前较为有限。国内临床前及临床CRO价格趋稳，经营趋势有望逐渐向上。CDMO企业商业化需求稳定，大订单影响24Q4开始已经消除。近年来在ADC、多肽药物快速发展下，相关CXO需求迅速增加，小核酸、CGT等细分领域也有望迎来快速发展。长期来看，我们仍旧看好CXO板块发展潜力及成长空间。CRO concept stocks picked up in early trading. As of press release, Kingsley Biotech (01548) rose 4.39% to HK$10.94; Tiger Pharmaceuticals (03347) rose 4.47% to HK$33.85; Fangda Holdings (01521) rose 2.75% to HK$1.12; Zhaoyan Pharmaceutical (06127) rose 2.49% to HK$9.47; Pharmaceuticals (02269) rose 1.68% to HK$14.54.
The Zhitong Finance App learned that CRO concept stocks picked up in early trading. As of press release, Kingsley Biotech (01548) rose 4.39% to HK$10.94; Tiger Pharmaceuticals (03347) rose 4.47% to HK$33.85; Fangda Holdings (01521) rose 2.75% to HK$1.12; Zhaoyan Pharmaceutical (06127) rose 2.49% to HK$9.47; Pharmaceuticals (02269) rose 1.68% to HK$14.54.
Southwest Securities released a research report saying that in the first three quarters of 2024, the CXO industry's revenue rebounded quarterly, but overall profits were still under pressure. In the short term, commercial orders continue to be digested, and the apparent performance of CDMO is under pressure; mature overseas CXO clinical pipelines are progressing steadily, and pre-clinical demand still needs to be repaired. From a long-term perspective, AI technology is widely used in various stages of drug development and in multi-disease fields; emerging businesses such as CGT are still in the early stages of development, and order acquisition+R side construction determines core competitiveness.
CITIC Construction Investment, on the other hand, pointed out that since the end of '23, overseas investment and financing have gradually recovered, downstream demand has remained positive, the bottom of domestic investment and financing has stabilized, and downstream demand has yet to recover. Benefiting from the comprehensive domestic CXO industry chain and leading competitiveness, the industry is currently limited by geopolitics. Domestic pre-clinical and clinical CRO prices are stabilizing, and the business trend is expected to gradually improve. The commercial demand of CDMO companies is stable, and the impact of large orders has been eliminated since the beginning of 24Q4. In recent years, with the rapid development of ADC and peptide drugs, demand for related CXO has increased rapidly, and segments such as small nucleic acids and CGT are also expected to usher in rapid development. In the long run, we are still optimistic about the CXO sector's development potential and growth space.
