招银国际：康龙化成（300759）-GuidanceraisedonrobustCDMOgrowth

康龙化成(300759) Pharmarondeliveredrobust1H26results,withrevenuerising17.9%YoYtoRMB7.6bnandnon-IFRSnetprofitup20.3%YoYtoRMB909mn.Earningsgrowthin2Q26clearlyacceleratedover1Q26.1H26revenueaccountedfor46.2%ofourfull-yearforecast,higherthanthehistoricalrangeof43-45%,whilenon-IFRSnetprofitin1H26represented42.1%ofourfull-yearforecast,in-linewiththehistoricalrangeof40-45%.Newbookingsincreasedbymorethan30%YoY,ledbythe>50%YoYgrowthofCDMObusiness.Reflectingstrongordergrowthandimprovingexecution,mgmt.raisedfu