Investment Rating - The investment rating for WuXi AppTec (603259.SH) is maintained as "Buy" [1] Core Views - The company has shown steady revenue growth quarter-on-quarter, with rapid development in new business areas such as TIDES [1][4] - The small molecule D&M pipeline continues to expand, with a total of 3,356 molecules in the pipeline as of Q3 2024, and 915 new molecules added in the first three quarters of 2024 [2][4] - TIDES business revenue reached 3.55 billion yuan in Q1-3 2024, representing a year-on-year growth of 71%, with a backlog of orders increasing by 196% year-on-year as of September 2024 [2][4] Financial Performance Summary - For Q1-3 2024, the company reported total revenue of 27.7 billion yuan, a year-on-year decline of 6.2%, but a growth of 4.6% when excluding COVID-19 commercialization projects [4] - The net profit attributable to shareholders for Q1-3 2024 was 6.53 billion yuan, down 19.1% year-on-year, while the adjusted Non-IFRS net profit was 7.35 billion yuan, down 10.1% year-on-year [4] - In Q3 2024 alone, the company achieved revenue of 10.46 billion yuan, a year-on-year decline of 2.0% but a quarter-on-quarter increase of 13.0% [4] - As of September 2024, the company's backlog of orders stood at 43.82 billion yuan, an increase of 35.2% year-on-year [4] Business Segment Performance - The chemical business generated revenue of 7.88 billion yuan in Q3 2024, a year-on-year increase of 1.4%, and a growth of 26.4% when excluding COVID-19 projects [2][4] - The clinical testing business reported revenue of 4.62 billion yuan in Q3 2024, down 4.9% year-on-year, while the drug safety evaluation and SMO business maintained industry leadership [5] - The biological business segment achieved revenue of 1.83 billion yuan in Q1-3 2024, a year-on-year decline of 3.6%, with new molecular revenue accounting for approximately 28.5% of total revenue [5] Future Outlook - The company is expected to maintain its long-term growth trajectory, with net profit forecasts for 2024-2026 at 10.40 billion, 11.30 billion, and 12.86 billion yuan respectively, and EPS estimates of 3.60, 3.91, and 4.45 yuan [4][6] - The current stock price corresponds to P/E ratios of 14.4, 13.3, and 11.7 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation based on projected earnings growth [4][6]

药明康德（603259.SH） 医疗服务 证券研究报告/公司点评报告 2024 年 10 月 30 日 在手订单增长提速，整体业务呈逐步恢复态势 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for WuXi AppTec is "Buy" (maintained) [1] Core Views - The company is experiencing a recovery in overall business, with a significant increase in backlog orders, expected to achieve stable revenue growth of 2.7% to 8.6% excluding COVID-19 commercialization projects in 2024 [1][2] - For the first three quarters of 2024, the company reported revenue of 27.70 billion yuan, a year-on-year decrease of 6.23%, and a net profit attributable to shareholders of 6.53 billion yuan, down 19.11% year-on-year [2][3] - The company anticipates a gradual recovery in revenue driven by improved demand from overseas financing and strong growth in its TIDES business [1][2] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 39,354.78 million yuan - 2023A: 40,340.81 million yuan - 2024E: 39,403.85 million yuan - 2025E: 43,631.07 million yuan - 2026E: 49,615.55 million yuan - Year-on-year growth rates: 2023A (2.51%), 2024E (-2.32%), 2025E (10.73%), 2026E (13.72%) [1] - **Net Profit Forecasts**: - 2022A: 8,813 million yuan - 2023A: 9,606.75 million yuan - 2024E: 9,845 million yuan - 2025E: 11,057.59 million yuan - 2026E: 12,925.37 million yuan - Year-on-year growth rates: 2023A (9.00%), 2024E (2.48%), 2025E (12.32%), 2026E (16.89%) [1] - **Earnings Per Share (EPS)**: - 2022A: 3.05 yuan - 2023A: 3.33 yuan - 2024E: 3.41 yuan - 2025E: 3.83 yuan - 2026E: 4.48 yuan [1] - **Market Capitalization**: - As of October 30, 2024, the market capitalization is approximately 150.58 billion yuan [1] Business Segment Performance - **TIDES Business**: - Revenue for the TIDES business in Q1-Q3 2024 reached 3.55 billion yuan, showing a robust growth of 71.0% year-on-year, with backlog orders increasing by 196% [1][2] - **CDMO Business**: - Revenue for the CDMO segment was 12.47 billion yuan in Q1-Q3 2024, with a year-on-year growth of approximately 7% [1] - **Testing Services**: - Revenue for testing services was 4.62 billion yuan in Q1-Q3 2024, down 4.9% year-on-year, with laboratory analysis and testing services contributing 3.26 billion yuan [1][2] Profitability Metrics - **Gross Margin**: - The gross margin for Q1-Q3 2024 was 40.65%, a decrease of 0.65 percentage points year-on-year [1] - **Net Profit Margin**: - The net profit margin for Q1-Q3 2024 was 23.83%, down 3.75 percentage points year-on-year [1] Valuation Ratios - **P/E Ratio**: - 2023A: 17.08 - 2024E: 15.67 - 2025E: 15.30 - 2026E: 13.62 [1] - **P/B Ratio**: - 2023A: 3.23 - 2024E: 2.73 - 2025E: 2.32 - 2026E: 2.06 [1]

Investment Rating - The investment rating for WuXi AppTec (603259) is "Buy" [6] Core Views - The company reported a revenue of 27.7 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.2%. However, excluding specific commercial production project revenues, there was a growth of 4.6%. The adjusted net profit attributable to the parent company was 7.35 billion yuan, down 10.1% year-on-year [5][6] - The company maintains its full-year guidance, expecting revenue to reach between 38.3 billion and 40.5 billion yuan for 2024, with a positive growth forecast of 2.7% to 8.6% when excluding COVID-19 commercial projects [6] - The order backlog has accelerated, with a total of 43.82 billion yuan as of September 30, 2024, representing a year-on-year increase of 35.2% when excluding COVID-19 orders [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the chemical business segment generated a revenue of 20.09 billion yuan, with a year-on-year growth of 10.4% when excluding specific commercial production projects. The revenue for Q3 alone was 7.88 billion yuan, showing a year-on-year increase of 1.4% [5][6] - The total revenue for 2024 is projected to be 40.39 billion yuan, with a slight year-on-year growth of 0.1% expected [7][8] - The net profit attributable to the parent company is forecasted to be 10.0 billion yuan for 2024, reflecting a year-on-year increase of 4.1% [7][8] Business Segments - The TIDES segment saw a significant year-on-year revenue growth of 71.0% in the first three quarters of 2024, amounting to 3.55 billion yuan [5][6] - The Testing segment's revenue was 4.62 billion yuan, down 4.9% year-on-year, while the clinical CRO and SMO business generated 1.36 billion yuan, showing a year-on-year growth of 3.4% [5][6] Profitability Metrics - The projected net profit margins for 2024 are expected to remain stable, with an adjusted net profit margin level similar to the previous year [6] - The company anticipates a PE ratio of 15 for 2024 and 2025, and 13 for 2026, indicating a favorable valuation outlook [6]

30 Oct 2024 CMB International Global Markets | Equity Research | Company Update WuXi AppTec (603259 CH) Earnings recovery underway WuXi AppTec reported 3Q24 revenue of RMB10.46bn, slightly down 2.0% YoY, and attributable adjusted non-IFRS net profit of RMB2.97bn, down 3.2% YoY. Total non-COVID revenue and non-COVID Chemistry revenue growth rebounded to 14.6% YoY and 26.4% YoY, respectively, in 3Q24. Despite the challenging geopolitical environment, mgmt. reiterated its revenue guidance of RMB38.3- 40.5bn fo ...

浦银国际研究 浦银国际 公司研究 目标价（港元） 56.0 潜在升幅/降幅 +6% 目前股价（港元） 52.8 52 周内股价区间（港元） 27.5-103.6 总市值（百万港元） 167,502 近 3 月日均成交额（百万港元） 441 SPDBI 目标价 ◆ 目前价 ◆市场预期区间 *数据截至 2024 年 10 月 28 日 资料来源：Bloomberg、浦银国际 药明康德 药明康德(603259.CH) 目标价（人民币） 62.0 潜在升幅/降幅 +16% 目前股价（人民币） 53.4 52 周内股价区间（人民币） 36.3-93.6 总市值（百万人民币） 153,659 近 3 月日均成交额(百万人民币) 2,869 （2359.HK/603259.CH） 公司研究 | 医药行业 药明康德（2359.HK/603259.CH）：3Q24 经 调整归母净利略高于预期，维持全年收入 利润指引 公司 3Q24 收入大致符合我们预期，经调整 Non-IFRS 归母净利润略 好于我们预期。公司维持全年收入利润指引不变，上调全年自由现 金流指引，主要系下调资本开支指引。上调港股/A 股目标价至 56 港元/人民 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of WuXi AppTec, with current prices at 53.49 CNY and 53.25 HKD respectively [5]. Core Views - The company reported a revenue of 27.7 billion CNY for the first three quarters of 2024, a year-over-year decrease of 6.2%, and a net profit attributable to shareholders of 6.53 billion CNY, down 19.1% year-over-year, which aligns with expectations [1]. - The conventional business is developing steadily, with a quarter-on-quarter revenue improvement expected. In Q3 2024, the company achieved a revenue of 10.46 billion CNY, a year-over-year decline of 1.96%, and a net profit of 2.29 billion CNY, down 17.02% year-over-year [2]. - The order backlog is growing rapidly, with a total of 43.8 billion CNY in orders as of Q3 2024, a year-over-year increase of 35.2%. The new molecular (TIDES) business saw a significant order increase of 196% [3]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 10.46 billion CNY and a net profit of 2.29 billion CNY, with a notable decline in net profit margins [2]. - The first three quarters of 2024 showed a total revenue of 27.7 billion CNY and a net profit of 6.53 billion CNY, indicating a decrease compared to the previous year [1]. Business Segments - The conventional business is showing resilience, with a 4.6% year-over-year revenue increase when excluding the impact of COVID-19 commercialization projects [2]. - The TIDES business is expected to achieve over 60% revenue growth for the year, with Q3 revenue reaching 3.55 billion CNY, a 71% increase year-over-year [3]. Profitability and Valuation - The report forecasts net profits for 2024-2026 at 9.23 billion CNY, 10.28 billion CNY, and 11.15 billion CNY respectively, with corresponding year-over-year changes of -3.93%, +11.32%, and +8.49% [3]. - The projected P/E ratios for A-shares are 17, 15, and 14 for the years 2024, 2025, and 2026 respectively, while for H-shares, they are 15, 14, and 13 [3].

Investment Rating - The investment rating for WuXi AppTec is maintained at "Buy-A" with a target price of 72.20 CNY per share [6][9]. Core Views - The company reported a revenue of 27.702 billion CNY and a net profit attributable to shareholders of 6.533 billion CNY for the first three quarters of 2024, representing a year-on-year decline of 6.23% and 19.11% respectively [2][3]. - The company is experiencing a recovery in its order backlog, with total orders reaching 43.82 billion CNY as of September 2024, a year-on-year increase of 35.2% [3]. - The TIDES business segment continues to show strong growth, with revenue of 3.55 billion CNY for the first three quarters of 2024, a year-on-year increase of 71.0% [4]. - The small molecule CDMO pipeline is expanding, with revenue of approximately 12.47 billion CNY for the first three quarters of 2024, showing a year-on-year growth of 7.0% when excluding specific commercial production projects [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 27.702 billion CNY and a net profit of 6.533 billion CNY, with respective year-on-year declines of 6.23% and 19.11% [2][3]. - The revenue from the chemical business was 20.094 billion CNY (-5.40%), testing business 4.618 billion CNY (-4.86%), biological business 1.826 billion CNY (-3.64%), high-end therapeutic CTDMO business 0.853 billion CNY (-17.04%), and domestic new drug R&D services 0.290 billion CNY (-41.01%) [2]. Order Backlog and Future Outlook - The company has a robust order backlog, with total orders reaching 43.82 billion CNY as of September 2024, reflecting a 35.2% year-on-year increase [3]. - The TIDES business segment is expected to see annual revenue growth exceeding 60% due to strong order growth and capacity expansion [4]. Business Segments - The TIDES business segment reported a revenue of 3.55 billion CNY for the first three quarters of 2024, with a year-on-year growth of 71.0% [4]. - The small molecule CDMO segment generated approximately 12.47 billion CNY in revenue for the first three quarters of 2024, with a 7.0% year-on-year growth when excluding specific projects [5].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2024年10月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | | 說明 | 於上海證券交易所上市 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | ...

FF305 公司名稱： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2024年10月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | | 說明 | 於上海證券交易所上市 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | ...