[Table_MainInfo] 公司研究/医药与健康护理/生物科技 证券研究报告 药明康德（603259）公司半年报点评 2024 年 08 月 21 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |------------------------------------------|----------------------------| | 08[Table_StockInfo 月 20日收盘价（元）] | 39.30 | | 52 周股价波动（元） | 36.36-93.56 | | 总股本/流通 A 股（百万股） | 2912/2525 | | 总市值/流通市值（百万元 | 114439/99227 | | 相关研究 | | | [Table_ReportInfo] 《药明康德 2023 | 年报点评：全年收入利润稳 | | 健增长， TIDES | 业 务 订 单 增 长 显 著 》 | | 2024.03.26 | | | 《药明康德公告点评：美国相关生物安全法案 | | | 仍处草案阶段，看好公司合规运营与长期发 | | 展》202 ...

单二季度环比改善，新分子业务增长强劲 ——药明康德 24H1 点评 核心观点 ⚫ 事件：公司近期发布 2024 年中报，上半年实现营业收入 172.41 亿元，同比-8.6%， 剔除新冠商业化项目同比-0.7%；经调整 Non-IFRS 归母净利润 43.7 亿元，同比14.2%。第二季度实现营业收入 92.6 亿元，环比+16.0%，经调整 Non-IFRS 归母净 利润 24.6 亿元，同比+28.5%。外部环境虽有挑战，公司上半年仍保持稳健经营，二 季度收入和利润环比均稳步提升。 ⚫ 新冠商业化订单影响逐渐消除，新分子为核心增长点。分业务看，1）化学业务上半 年收入同比-9.3%，剔除新冠业务收入同比+2.1%，第二季度收入环比+19.6%，改 善显著。新分子（TIDES）业务持续高速增长，收入同比+57.2%，主要系 GLP-1 相 关行业需求旺盛，新分子已成为重要的业绩增量来源。2）测试业务上半年收入同比 -2.4%，其中实验室分析业务受市场需求影响较大，临床 CRO 业务增长稳定，同比 +5.8%。3）生物学业务上半年收入同比-5.2%。新分子业务持续发力，收入同比 +8.1%，收入占比由 23H ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 67.72 CNY [1]. Core Insights - The company reported a revenue of 17.241 billion CNY in the first half of 2024, a year-on-year decrease of 8.6%, excluding COVID-19 commercialization projects, the revenue decline was 0.7%. The adjusted Non-IFRS net profit was 4.37 billion CNY, down 14.2% year-on-year. In the second quarter, revenue reached 9.26 billion CNY, a quarter-on-quarter increase of 16.0%, with an adjusted Non-IFRS net profit of 2.46 billion CNY, up 28.5% year-on-year [2][3]. Financial Summary - **Revenue (CNY million)**: - 2022A: 39,355 - 2023A: 40,341 - 2024E: 40,074 - 2025E: 45,044 - 2026E: 52,630 - **Year-on-Year Growth (%)**: - 2022A: 71.8% - 2023A: 2.5% - 2024E: -0.7% - 2025E: 12.4% - 2026E: 16.8% [2]. - **Net Profit (CNY million)**: - 2022A: 8,814 - 2023A: 9,607 - 2024E: 9,370 - 2025E: 10,747 - 2026E: 12,778 - **Year-on-Year Growth (%)**: - 2022A: 72.9% - 2023A: 9.0% - 2024E: -2.5% - 2025E: 14.7% - 2026E: 18.9% [2]. - **Earnings Per Share (CNY)**: - 2022A: 3.03 - 2023A: 3.30 - 2024E: 3.22 - 2025E: 3.69 - 2026E: 4.39 [2]. Business Segment Performance - The chemical business saw a revenue decline of 9.3% in the first half of the year, but excluding COVID-19 business, it grew by 2.1%. The second quarter showed a significant improvement with a quarter-on-quarter increase of 19.6%. The new molecule (TIDES) business continued to grow rapidly, with a year-on-year increase of 57.2% due to strong demand in the GLP-1 related industry [3]. - The testing business experienced a revenue decline of 2.4%, with laboratory analysis significantly impacted by market demand, while clinical CRO business grew steadily by 5.8% [3]. - The biological business reported a revenue decline of 5.2%, but the new molecule business grew by 8.1%, increasing its revenue share from 25.4% in H1 2023 to 29.0% [3]. - The ATU business faced a revenue decline of 19.4%, primarily due to early-stage commercialization projects and delays or cancellations of some projects [3]. Order Backlog and Future Growth - Despite external challenges, the company maintained a strong order backlog, with total orders amounting to 43.1 billion CNY as of June 2024, a year-on-year increase of 33.2% when excluding COVID-19 commercialization orders. The TIDES order backlog saw a robust year-on-year growth of 147% [3]. - The company is well-positioned to leverage new molecule development opportunities to drive long-term growth [3]. Profit Forecast and Investment Recommendation - The profit forecast for 2024-2026 is adjusted to 9.37 billion CNY, 10.75 billion CNY, and 12.78 billion CNY respectively, down from previous estimates due to external environment disturbances and industry conditions [3]. - The company is currently valued at a reasonable level with a target price of 67.62 CNY based on a 21x P/E ratio for 2024, maintaining a "Buy" rating [3].

[Table_Page] 中报点评|医疗服务 证券研究报告 [Table_Title] 药明康德(603259.SH/02359.HK) 新分子业务高速增长，整体订单趋势向好 [Table_Summary] 核心观点： ⚫ 新分子业务高速增长，chemistry 项目订单积累保障公司稳定增长。 根据公司2024H1半年报披露，2024H1公司实现营业收入 172.4亿元， 同比下降 8.64%；其中化学业务实现收入 122.1 亿元，剔除特定商业 化大单后同比增长 2.1%，Tides 业务实现收入 20.8 亿元，同比增长 57.2%；测试业务实现收入 30.2 亿元，同比下降 2.4%；生物学业务实 现收入 11.7 亿元，同比减少 5.2%。2024H1 公司实现毛利收入 67.87 亿元，同比减少 11.23%，其中主营业务毛利率 39.36%。 ⚫ 抵抗外部环境变动，订单趋势向好。根据公司 2024H1 半年报披露， 2024H1 公司新增客户 500 家，截止至 2024 年 6 月末在手订单人民币 431 亿元，剔除特定商业化订单同比增长 33.2%；TIDES 在手订单同 比增长 147%，D ...

Investment Rating - The report maintains an "Accumulate" rating for WuXi AppTec (603259) [2][7] Core Views - The company has shown strong growth in its order backlog and is accelerating the development of its TIDES business. The company reaffirms its annual performance guidance, indicating a positive long-term growth outlook [7][8] - The target price has been adjusted down to 52.96 from the previous 65.17, reflecting a revised earnings per share (EPS) forecast for 2024-2026 [7] Financial Summary - For 2024H1, the company reported revenue of 17.24 billion yuan, a year-on-year decrease of 8.6%, and a non-IFRS net profit of 4.41 billion yuan, down 8.3% year-on-year [7] - The revenue from the chemical business was 12.21 billion yuan, with a 2.1% year-on-year increase when excluding COVID-19 related orders [7] - The TIDES business revenue reached 2.08 billion yuan in 2024H1, showing a significant growth of 57.2% year-on-year, with a backlog increase of 147% [7] Order Backlog and Growth - As of 2024H1, the order backlog stands at 43.1 billion yuan, with a year-on-year growth of 33.2% when excluding specific commercial production projects [7] - The company has added 644 new molecules in 2024H1, with growth rates of 7% for R&D, 18% for D, and 20% for M segments [7] Market Position and Competitiveness - The company continues to maintain its leading position in the industry, with significant contributions from its peptide business and ongoing improvements in operational efficiency [7][8] - The report highlights the potential for long-term growth driven by the expansion of the TIDES business and the addition of new clients and projects [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 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8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 387,076,150 | RMB | | 1 RMB | | 387,076,150 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 387,076,150 | RMB | | 1 RMB | | 387,076,150 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of WuXi AppTec, with current prices at 40.69 CNY and 29.85 HKD respectively [3][4]. Core Views - The company reported a revenue of 17.24 billion CNY for the first half of 2024, a year-over-year decline of 8.6%, and a net profit attributable to shareholders of 4.24 billion CNY, down 20.2% year-over-year [1]. - The decline in net profit is attributed to a decrease in revenue and a significant drop in investment income and fair value changes compared to the same period last year [1]. - Despite the year-over-year decline, the company showed a quarter-over-quarter improvement in Q2 2024, with revenue increasing by 16.0% and net profit attributable to shareholders rising by 17.0% [1]. - The gross margin improved from 38.13% in Q1 2024 to 40.43% in Q2 2024, indicating enhanced operational efficiency [1]. Summary by Sections Revenue and Profitability - For H1 2024, the company achieved a revenue of 172.4 billion CNY, with a net profit of 42.4 billion CNY and a non-recurring net profit of 44.1 billion CNY [1]. - Q2 2024 revenue was 92.6 billion CNY, with a net profit of 22.98 billion CNY and a non-recurring net profit of 23.80 billion CNY [1]. Order Backlog and New Business - The order backlog reached 43.1 billion CNY as of H1 2024, with a strong year-over-year growth of 33.2% when excluding COVID-19 commercialization projects [1]. - New molecular business orders grew by 147% year-over-year, reflecting strong demand in this area [1]. Business Segment Performance - The chemical business generated 12.21 billion CNY in revenue, down 9.3% year-over-year, but showed a 2.1% increase when excluding COVID-19 projects [2]. - The testing business reported revenue of 3.02 billion CNY, with laboratory analysis and testing down 5.4% to 2.12 billion CNY, while clinical CRO and SMO business grew by 5.8% to 0.89 billion CNY [2]. - The biological business saw a revenue decline of 5.2% to 1.17 billion CNY, and WuXi ATU's revenue fell by 19.4% to 0.57 billion CNY [2]. Financial Forecasts - The net profit forecasts for 2024-2026 have been revised down to 9.23 billion CNY, 10.28 billion CNY, and 11.15 billion CNY, reflecting decreases of 15.7%, 19.5%, and 22.6% respectively [2]. - The corresponding P/E ratios for A-shares are projected at 13, 12, and 11 times, while for H-shares they are 9, 8, and 7 times [2].

2024 年 07 月 30 日 评级 买入 | --- | --- | |---------------------|-------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 40.69 | | 52 周价格区间（元） | 36.87-90.88 | | 总市值（百万） | 113291.44 | | 流通市值（百万） | 102736.19 | | 总股本（万股） | 291192.80 | | 流通股（万股） | 291192.80 | 涨跌幅比较 药明康德 医疗服务 -46% -26% -6% 14% 34% 54% 2023-07 2023-10 2024-01 2024-04 2024-07 % 1M 3M 12M 药明康德 3.83 -6.63 -40.42 医疗服务 0.27 -16.23 -43.34 吴号 分析师 执业证书编号: S0530522050003 wuhao58@hnchasing.com 相关报告 1 药明康德（603259.SH）2023 年年报点评：业 绩表现符合预期，在手订单增长良好 2024-03-19 2 药明康德（603259. ...

浦银国际研究 公司研究 | 医药行业 药明康德（2359.HK/603259.CH）：2Q24 经 调整归母净利略高于预期，维持全年指引 药明康德 2Q24 收入大致符合市场预期，经调整 Non-IFRS 归母净利润 略高于市场预期。公司维持全年指引不变。维持港股和 A 股目标价。 2Q24 收入大致符合市场预期，略高于我们预期；经调整 Non-IFRS 归母净利润均略高于市场和我们预期：公司 2Q24 实现收入 92.6 亿 元（-6.5% YoY, +16% QoQ），大致符合 Visible Alpha 一致预期，略高 于我们预期，主要由于 Wuxi Chemistry 略好于我们预期；经调整 Non-IFRS 归母净利润 24.6 亿元（-10.7% YoY, +28.5% QoQ），略高于 Visible Alpha 一致预期和我们预期。2Q24 毛利率为 39.9% (-0.8 ppts YoY, +2.3 ppts QoQ），经调整 Non-IFRS 归母净利率为 26.6% (-1.2 ppts YoY, +2.6 ppts QoQ)，均较 1Q24 微升。二季度末公司在手订单为 431 亿元 ...

证券研究报告 非金融公司|公司点评|药明康德（603259） 在手订单亮眼，TIDES 业务快速发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月31日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年实现收入 172.4 亿元，同比下滑 8.6%，剔除特定商 业化项目后同比下滑 0.7%；实现归母净利润 42.4 亿元，同比下滑 20.2%；实现扣非后归母净 利润 44.1 亿元，同比下滑 8.3%。截至 2024 年 6 月底，公司拥有在手订单 431.0 亿元，剔除 特定商业化项目后同比增长 33.2%。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年07月31日 药明康德(603259) 在手订单亮眼，TIDES 业务快速发展 | --- | --- | |------------|-------------------| | 行 业： | 医药生物/医疗服务 | | 投资评级： | 买入（维持） | | 当前价格： | 42.5 ...