药明生物（2269 HK） | 2024 年 8 月 26 日 香港股市 | 医药 药明生物（2269 HK） 上半年业绩逊预期，短期内仍面对挑战 2024 年上半年业绩逊预期 公司 2024 年上半年收入同比增加 1.0%至 85.7 亿元（人民币，下同），其中剔除新冠项 目影响后收入同比增加 7.7%。公司股东净利润同比下降 33.9%至 15.0 亿元，反映核心业 务盈利的经调整净利润同比下跌 20.7%至 22.5 亿元，业绩逊预期，主因：1）中国国内市 场不景气，中国业务收入同比下降 20.9%至 14.2 亿元。2）公司去年同期从两项大额预付 许可交易中获得预付款贡献了约 3 亿元毛利，但今年上半年没有这种交易，外加中国工 厂产能利用率下降等原因，导致毛利率同比下降 2.8 个百分点。 预计短期内公司仍然面对挑战，下调收入与盈利预测 我们预计短期内公司仍然面对挑战，因此将 2024-26E 收入预测分别下调 2.9%、9.8%、 12.9%，股东净利润预测分别下调 14.6%、18.4%、20.8%，经调整净利润分别下调 8.9%、 18.3%、20.8%，基于：1）公司上半年新签的 61 个项目 ...

Investment Rating - The report maintains a "Buy" rating for WuXi Biologics [1][2] Core Views - WuXi Biologics reported a revenue of 8.574 billion RMB for the first half of 2024, a year-on-year increase of 1.0%, with non-COVID revenue growth at 7.7%. The net profit attributable to shareholders was 1.499 billion RMB, a decline of 33.9% year-on-year, while adjusted net profit was 2.545 billion RMB, down 13.0% year-on-year [1] - The company has seen a rapid increase in new projects, with 61 new projects signed in the first half of 2024, approximately half of which are from the United States. The total number of projects reached 742 [1] - The company is actively expanding its global production capacity, with significant developments in its Ireland, Hangzhou, Singapore, and Cranbury facilities [1] - Customer retention remains high, with a total unfulfilled order amount of 20.11 billion USD as of the first half of 2024, indicating strong future revenue potential [1] Summary by Sections Financial Performance - Revenue for the first half of 2024 was 8.574 billion RMB, with a 1.0% increase year-on-year. Non-COVID revenue grew by 7.7%. The net profit attributable to shareholders was 1.499 billion RMB, down 33.9% year-on-year, while adjusted net profit was 2.545 billion RMB, a decrease of 13.0% [1] - Forecasted revenues for 2024-2026 are 18.014 billion RMB, 20.256 billion RMB, and 22.833 billion RMB, with growth rates of 5.7%, 12.4%, and 12.7% respectively [2] Project Development - The company signed 61 new projects in the first half of 2024, with about half from the U.S. The total number of projects reached 742, with significant contributions expected from late-stage clinical and commercial projects [1] - The company’s Ireland facility is seeing strong commercial demand, with plans for further capacity expansion [1] Capacity Expansion - The Ireland facility's MFG6 Phase I has completed its first PPQ, with Phase II expected to commence production this year. The Hangzhou facility is installing three 5000-liter single-use bioreactors, expected to be GMP compliant by the end of 2024 [1] - The company plans to invest approximately 4.8 billion RMB in capital expenditures for 2024, primarily for facility expansions in the U.S. and other regions [1] Customer Retention and Future Orders - Customer retention remains high, with a total unfulfilled order amount of 20.11 billion USD, indicating a strong pipeline for future revenue [1] - Recent agreements, such as the acquisition of a client by Merck for a significant upfront payment, highlight the company's strong position in the market [1]

浦银国际研究 公司研究 | 医药行业 药明生物（2269.HK）：1H24 经调整净利 低于预期；维持 24 年全年指引 公司 1H24 收入大致符合预期，但经调整归母净利润低于我们预 期，主要系毛利率低于预期及 SG&A 高于预期。公司维持此前 2024 年指引。维持"持有"评级，下调目标价至 18.5 港元。 1H24 收入大致符合预期，但经调整归母净利润低于我们预期，主要 系毛利率低于预期及SG&A高于预期。1H24收入为人民币85.7亿元， （+1% YoY，+0.4% HoH），其中非新冠收入同比增长 7.7%，大致符合 彭博一致预期和我们预期；经调整归母净利润为 22.5 亿元（-20.7% YoY, +20.9% HoH），低于彭博一致预期和我们预期，主要由于毛利率低 于预期及 SG&A 费用率高于预期。毛利率为 39.1% (-2.9ppts YoY, +0.8ppts HoH)，同比下降主要由于 1H23 存在大额药物发授权许可里 程碑收入（贡献收入人民币 3.7 亿元，贡献毛利 3 亿元）、新冠收入 （毛利高于通常业务）、中国工厂利用率低于去年同期，以及海外新 设施爬坡影响。经调整净利润率 ...

23 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 无锡生物制品 （ 2269 香港 ） 在充满挑战的环境中保持强劲的性能 无锡生物报告了2024年上半财年的收入为85.7亿人民币，同比增长1.0%，调整后的归属于母公 司的净利润为225亿人民币，同比下降20.7%。2024年上半财年的收入和调整后的归属于母公 司的净利润分别占我们全年预测的47.9%和44.5%，略高于历史水平。如果排除COVID相关的 收入，2024年上半财年的总收入将同比增长7.7%，而后期项目和合同制造组织（CMO）项目 的收入则同比增长11.7%。公司在2024年上半财年新增了61个集成项目，这一数字仅在其历史 上超越了2022年上半财年的记录。截至2024年年末，总订单保持稳定在2011亿美元，三年内 订单增长4%。尽管存在地缘政治不确定性以及全球生物科技资金复苏的波动性，管理层已确认 其2024年的全年指导方针，预计收入和调整后的归属于母公司的净利润都将实现高个位数的增 长。. 来自海外客户的强劲需求。在2024年上半年， WuXi Bio 增加了61个集成项目，包括52个 预临床项目和5个I/II期临床项 ...

23 Aug 2024 CMB International Global Markets | Equity Research | Company Update WuXi Biologics (2269 HK) Robust performance in a challenging environment Wuxi Bio reported 1H24 revenue of RMB8.57bn, up 1.0% YoY, and adjusted attributable net income of RMB2.25bn, down 20.7% YoY. 1H24 revenue and adjusted attributable net income accounted for 47.9% and 44.5% of our full-year forecasts, moderately higher than the historical levels. If excluding COVID revenue, total revenue in 1H24 would increase by 7.7% YoY, wh ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 WUXI BIOLOGICS (CAYMAN) INC. 藥明生物技術有限公司* （於開曼群島註冊成立的有限公司） （股份代號：2269） 截至二零二四年六月三十日止六個月之 中期業績公告 財務摘要 未經審核 截至六月三十日止六個月 二零二四年 二零二三年 變動 人民幣百萬元 人民幣百萬元 | --- | --- | --- | --- | |----------------------------|---------|---------|---------| | 收益 | 8,574.2 | 8,492.0 | 1.0% | | 毛利 | 3,350.0 | 3,560.6 | (5.9%) | | 毛利率 | 39.1% | 41.9% | | | 純利 | 1,780.3 | 2,337.9 | (23.9%) | | 純利率 | 20.8% | 27.5% | | | 本公司擁有人應佔純利 | ...

药明生物（2269HK）12024年5月23日 香港股市丨医药 药明生物（2269HK） 预计2024-25年业绩将逊预期，长远看仍面对挑战 预计2024-25年业绩将逊于预期 我们近期审视了公司营运表现，预计2024-25年收入与盈利将逊预期，主因：1）管理层 表示2024年初至今由于国内上游创新药企业融资环境不佳减少研发支出，新增项目情况 略逊预期。2）美国生物安全法案的不明朗导致年初至今部分美国客户在签署长期订单方 面有顾虑。新增项目数量不达预期将影响产能利用率及毛利率。此外，公司的爱尔兰生 物药原液生产基地年初投产，公司预计投产初期利润率将低于现有成熟业务，因此2024- 25年将拖累公司利润率。综上，我们将2024-25E收入预测分别下调7.1%与12.4%，股东 净利润及反映核心业务盈利的经调整净利润分别下调16.2%与18.3%及12.6%与15.8%。 美国众议院版本生物法案较参议院温和，但预计2028年后美国药企将逐步退出合作 美国众议院日前投票通过《生物安全法》草案的修订版（H.R.8333），提议要求美国药 企2032年1月1日前终止与公司合作，这将为公司在美国的业务提供8年过渡期。由于 ...

Financial Performance - Revenue grew by 11.6% year-on-year to RMB 17,034.3 million, with non-COVID revenue increasing by 37.7%[7] - The company's revenue for the year 2023 reached RMB 17,034.3 million, representing a year-on-year growth of 11.6%[16] - Non-COVID revenue surged by 37.7% year-on-year, while revenue from late-stage and commercial production projects increased by 101.7%[16] - The company achieved a gross profit of RMB 6,827.9 million, reflecting a year-on-year increase of 1.5%[16] - The adjusted net profit attributable to the company’s owners decreased by 4.6% to RMB 4,698.9 million[16] - Net profit decreased by 21.5% from approximately RMB 4,549.9 million for the year ended December 31, 2022, to approximately RMB 3,570.6 million for the year ended December 31, 2023, with a net profit margin dropping from 29.8% to 21.0%[49] - Basic earnings per share fell by 22.6% from RMB 1.06 for the year ended December 31, 2022, to RMB 0.82 for the year ended December 31, 2023[50] - The group's gross profit increased by 1.5% from approximately RMB 6,724.0 million for the year ended December 31, 2022, to approximately RMB 6,827.9 million for the year ended December 31, 2023, while the gross profit margin decreased from 44.0% to 40.1%[39] Project and Order Growth - The total number of projects increased to 698, with 132 new projects added in 2023[7] - The total unfulfilled orders reached $20.592 billion as of December 31, 2023[7] - The total number of ongoing projects increased from 588 to 698, including a record 132 new projects added during the year[14] - The number of commercial production projects reached 24 by the end of the reporting period[9] - The number of commercial production projects increased from 17 to 24, with nine new late-stage and commercial production projects added, marking a historical high[14] Cash Flow and Financial Stability - The company maintained positive free cash flow, supporting capacity enhancement and investment in cutting-edge technologies[7] - The company maintained a positive free cash flow, providing a solid financial foundation for sustainable growth[16] - The total value of unfinished orders grew to USD 20,592 million, including USD 13,398 million in service orders and USD 7,194 million in potential milestone payments[16] - The company's bank balances and cash, along with time deposits, increased by 49.4% from approximately RMB 6,699.7 million to approximately RMB 10,009.8 million, primarily due to net proceeds from the independent listing of WuXi AppTec[64] Regulatory and Quality Assurance - The company has completed 33 regulatory inspections by global authorities since 2017, with no major issues found[9] - The company has successfully passed multiple regulatory assessments from agencies such as the US FDA, EU EMA, and China's NMPA under the guidance of its senior vice president of global quality[90] - The company has established a robust business continuity management system to address potential disruptions from natural disasters and pandemics[109] Research and Development - The company enabled 110 new drug clinical trials (IND) and launched new technology platforms during the reporting period[8] - The CRDMO platform has enabled the company to empower 110 INDs during the reporting period[19] - The proprietary WuXiaTM platform has delivered over 800 cell lines, including five commercialized products, and can support 150 integrated CMC projects annually[20] - The company has made significant improvements in its single B cell cloning technology, enhancing the generation of therapeutic antibody leads[18] - The company has a strong pipeline with over 20 U.S. patents and 40 publications co-authored by Dr. Gu, indicating robust research and development efforts[86] Market Expansion and Partnerships - The company is expanding regional operations in the US, Ireland, Germany, and Singapore, with significant capacity increases announced[9] - The company has established partnerships with the top 20 global pharmaceutical companies, expanding its diverse customer base significantly[16] - The company aims to enhance operational efficiency and scale through WBS, accelerating the discovery, development, and production of global biopharmaceuticals[30] Leadership and Governance - Dr. Chen Zhisheng has been appointed as the Executive Director and CEO since February 2014, with extensive experience in biopharmaceutical development and production[76] - The company is focused on expanding its board with experienced professionals from diverse backgrounds to enhance governance and strategic direction[81][82][83][84] - The board consists of a balanced mix of executive and independent non-executive directors, ensuring strong independence and effective decision-making[155] - The company has established a board independence assessment mechanism since 2022 to ensure strong independence and effective judgment by the board[162] Environmental, Social, and Governance (ESG) - The company received recognition for its ESG achievements, including inclusion in the Dow Jones Sustainability World Index and an MSCI AAA rating[10] - The company has joined the Science Based Targets initiative (SBTi) and established a dedicated DEI committee, enhancing its ESG performance recognition[25] - The environmental, social, and governance (ESG) committee conducted one meeting to review the company's ESG practices and carbon emissions updates during the reporting period[186] Shareholder Management and Corporate Actions - The company has not declared any final dividends for the year ended December 31, 2023[138] - The company has a pre-IPO share option plan that allows for the issuance of up to 155,223,409 shares, representing approximately 3.64% of the total issued shares[7] - The company has implemented stock option plans for employees under WuXi XDC and WuXi Vaccines, resulting in the cancellation of unvested restricted shares[128] - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[200] Risk Management - The company emphasizes a robust risk management system to evaluate significant risks, including operational, financial, and regulatory risks[101] - The company has established a risk management mechanism to support effective decision-making aligned with its mission and vision[189] - The board confirmed its responsibility for the effectiveness of risk management and internal control systems, which aim to manage risks rather than eliminate them[188]

药明生物（2269） 更新报告 买入 2024年4月11日 23年公司经调整股东应占溢 利同比下降 4.6% 但玉翠  23 年公司经调整股东应占溢利同比下降 4.6%：23 年公司收入同比 +11.6%至 170.3 亿元，其中非新冠收入+37.7%至 165.1 亿元，新冠收入- 852-253219539 83.9%至 5.3 亿元。由于海外新生产设施爬坡，公司毛利率同比下降 3.9 个 Tracy.dan@firstshanghai.com.hk 百分点至40.1%。由于外汇收益减少和股权投资公允价值亏损，23年公司其 高小迪 他收益只有 0.4 亿元（而 22 年为 7.7 亿元）。另外公司的销售、管理、研 发和财务费用率分别同比上升 0.6、0.5、0.1 和 0.5 个百分点至 1.7%、 852-25321960 8.8%、4.6%和 0.9%。综上所述，公司归母利润同比下降 23.1%至 34.0 亿 xiaodi.gao@firstshanghai.com.hk 元，归母利润率同比下降 9.0 个百分点至 20.0%。如果调整以股份为基础的 薪 酬开支、外汇收益和股权投资公允价值变动，则 ...

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[药I Tnaf 明bol]e 生_Ti物tle]（ 2269） [评Tab级le_：Inv est] 增持 当前价格（港元）： 14.30 业绩符合预期，海外产能逐步落地 2024.04.01 海 ——药明生物2023 年报点评 [ 交Ta易bl数e_M据a rket] 外 丁丹(分析师) 吴晗(分析师) 52周内股价区间（港元） 13.04-54.80 当前股本（百万股） 4,259 公 0755-23976735 010-83939773 当前市值（百万港元） 60,897 司 dingdan@gtjas.com wuhan024878@gtjas.com 证书编号 S0880514030001 S0880523080005 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司非新冠业务收入165.06亿元，同比增长37.7%，海外投融资持续回暖，新增项目 药明生物 恒生指数 香 数超预期，海外产能陆续落地，看好公司长期发展，维持“增持”评级。 13% 摘要： 港 -4% [T a ...