药明生物(02269.HK)2020年中报点评：疫情不减业绩，未来持续可期，维持“买入”评级
机构：国信证券
评级：买入
业绩表现靓丽，市场地位稳定
2020H1 实现营收 19.44 亿元（+21.0%）、归母净利润 7.31 亿元（+62.6%），经调整纯利 7.34 亿元（+40.7%），业绩表现靓丽。疫情虽然影响正常业务，但公司获得 10 多个新冠疫苗和抗体项目。凭借着业内最佳交付时间及最优交付结果，公司进一步巩固市场地位，业务基本面保持稳健。
综合项目增长稳健，未完成订单持续推动未来收入增长
2020H1 新增综合项目 38 个，临床Ⅲ期项目新增 3 个，有 4 个项目从外部转入（其中 2 个Ⅲ期），里程碑收入 2410 万美元。总项目数高达286 个，复合增长率达到 39.7%，受签订 20 年近 30 亿美元疫苗 CMO合同及新冠项目大幅增加利好推动，未完成订单服务同比增长 232%，达到 58 亿美元，总量跃升至 95 亿美元，其中将于 3 年内完成的订单保持稳健增长，预期将持续改善利润水平。
新冠疫情危中寻机，展现强大研发实力和执行力
疫情爆发以来，公司一方面启动连续生产计划，开发远程数字化系统，向客户提供远程查厂和访问，保障业务顺利开展；另一方面迅速把握新的发展机会，已与美国、欧洲、中国客户签订了 10+个新冠项目，合同总价值约 3.2 亿美元，其中包括 1.16 亿美元的 VIR/GSK COVID-19 中和抗体生产合同，到目前为止签单成功率达到 70%，完成 3 个新冠项目 IND 提交，新冠项目从初次接洽到项目启动仅用时 47 天，展现出高效的执行能力。估计 2020 年-2021 年新冠相关项目分别贡献 8000 万、1.5 亿美元收入。
风险提示：研发进展不达预期；项目终止数目增加；全球疫情影响等。
投资建议：生物制剂 CDMO 龙头，维持“买入”评级
维持此前盈利预测 2020-2022 年归母净利润 14.05/19.19/27.07 亿元，同比增速 39/37/41%；摊薄 EPS 为 1.08/1.48/2.09 元，当前股价对应PE 为 137/100/71x。公司作为全球生物制剂 CDMO 龙头，具有技术平台和人才优势，业绩维持高速增长，维持“买入”评级。
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