招商证券(香港)：药明康德（02359）港股公司研究报告-3Q20resultsreinforceasustainedgrowthoutlook

药明康德(02359) Robustrecoverytrajectoryremainsin4Q20E 3Q20salesgrowthacceleratedto35%yoyfrom15%/29%yoyin1Q/2Q20,mainlydrivenbyChina-basedlaboratory(+39%yoy)andCDMOservices(+55%yoy).Co.highlightedthegrowthwasalsofuelledbyconstantexpansionofactivecustomerbase(~900+newcustomersYTDvs.~600+in1H20)andsustainedprojectsgrowth(additionof422newmoleculesintopipelineYTD,o/w25ph2/3externalprojectstransferredfromcompetitors).Meanwhile,weexpectitsrecoverytrendofclinicalCROsservice(up17%yoyin3Q20vs.6%in1H20)tocont