招商证券(香港)：药明康德（02359）港股公司研究报告-Growthaccelerationinto2022

药明康德(02359) FY21adj.Non-IFRSnetprofitgrew41%yoy,inlinew/CMSest. Mgmt.providesFY22Erevenueguidanceinthegrowthrangeof65-70%,CAPEXofRMB9-10bn,showingstronggrowthprospects WeliftedFY22E/23Eearningsby17%/11%toreflectthesanguineguidance.SOTP-basedTPrevisedtoHKD250tolargelyreflectrecentbroad-basedmultiplecontraction.ReiterateTop-pickBUYrating. RobustFY21results FY21totalrevenuegrew39%yoytoRMB22,902mn,primarilydrivenbyChemistry(+47%yoytoRMB14,087mn,o/wCDMOremainedrobust+50%yoytoRMB7,920mn)andTesting(+38