该行认为， CXO板块估值仍处于相对低位，基本面已步入拐点期，板块较具性价比。1）需求端，随着全球降息周期的开启，流动性增加，全球生物医药投融资已逐步恢复。多数CXO海外业务已初现环比改善趋势；2）价格端，目前价格竞争已趋缓，叠加众多企业提质增效的推行，利润率水平有望逐步回升。3）业绩端，2025年大订单高基数已基本消化出清，CXO行业有望进入稳增长阶段。CRO Concept stocks generally rose in the morning. As of the time of writing, Asymchem Laboratories (06821) rose by 4.16%, trading at 52.6 Hong Kong dollars; WUXI APPTEC (02359) rose by 3.53%, trading at 55.8 Hong Kong dollars; PHARMARON (03759) rose by 3.06%, trading at 14.14 Hong Kong dollars.
According to Zhichun Finance APP, CRO concept stocks experienced widespread gains in early trading. As of the time of publication, Asymchem Laboratories (06821) rose by 4.16%, priced at 52.6 HKD; WUXI APPTEC (02359) increased by 3.53%, priced at 55.8 HKD; PHARMARON (03759) climbed by 3.06%, priced at 14.14 HKD; TIGERMED (03347) went up by 2.72%, priced at 32.15 HKD; WUXI BIO (02269) increased by 1.73%, priced at 17.64 HKD.
In terms of news, Huaan pointed out that for a single quarter, most companies' performance and newly signed Orders have shown a quarter-on-quarter improvement trend in Q2 and Q3. Specifically by region, most CXO companies' overseas Business has shown a quarter-on-quarter improvement, such as WUXI APPTEC's Q3 revenue in the USA reaching 6.9 billion yuan, a quarter-on-quarter growth of 19%; revenue in Europe reached 1.31 billion yuan, a quarter-on-quarter growth of 14%. Newly signed Orders showed a similar trend, for instance, PHARMARON's new signed Orders in Q1-3 of 2024 increased by over 18% year-on-year, achieving recovery for three consecutive quarters. The domestic market is expected to warm up with the successive introduction of support policies for Innovative Drugs in the entire Industry Chain.
The institution believes that the CXO Sector's valuation is still at a relatively low level, and the fundamentals have entered a turning point period, making the Sector relatively cost-effective. 1) On the demand side, with the commencement of the global interest rate cut cycle, liquidity has increased, and global Biomedical investment and financing have gradually recovered. Most CXO overseas Business has shown initial quarter-on-quarter improvement trends; 2) On the price side, current price competition has eased, coupled with many enterprises' emphasis on quality improvement and efficiency enhancement, profit margins are expected to gradually rebound. 3) On the performance side, the high base of Substantial Orders in 2025 has basically been digested, and the CXO Industry is expected to enter a stable growth phase.
