《大行》汇丰研究续看好内地 CDMO 行业 荐买康龙化成药明合联

HSBC Global Research report indicates that the United States recently passed the "Biosecurity Act," which prohibits federal agencies from procuring, renewing, or extending contracts related to "concerned biotechnology companies."

The bank believes that the relevant legislation may cause market volatility in the short term, but remains optimistic about the long-term growth of China's CDMO industry, as companies can manage risks by diversifying business regions, expanding non-U.S. clients, and avoiding direct contracts. The bank stated that the earnings visibility of industry leaders remains robust, and the legislation allows for a 5-year exemption period for signed contracts, which should have a limited impact on short-term operations.

In terms of stocks, the bank is more optimistic about Pharmaron (03759.HK) and WUXI XDC (02268.HK), both rated "Buy," with target prices of HKD 28.1 and HKD 90, respectively