医药生物/医疗服务 公 司 研 药明康德（603259.SH） 常规业务整体经营稳健，TIDES 业务强劲增长 究 2024年05月05日 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） 汪晋（联系人） yuruyi@kysec.cn wangjin3@kysec.cn 日期 2024/4/30 证 书编号：S0790523070002 证书编号：S0790123050021 当前股价(元) 43.67  常规业务整体经营稳健，非新冠在手订单增速稳健 公 一年最高最低(元) 93.56/41.17 2024Q1 公司实现营业收入 79.8 亿元，同比下滑11.0%，剔除新冠商业化项目后 司 信 总市值(亿元) 1,280.99 同比下滑 1.8%；归母净利润 19.4 亿元，同比下滑 10.4%；扣非归母净利润 20.3 息 流通市值(亿元) 1,111.95 亿元，同比增长 7.3%。受下游需求波动影响，公司业绩阶段性承压；剔除新冠 更 总股本(亿股) 29.33 商业化项目，2023 年在手订单同比增长近 18%。我们看好公司长期发展，维持 新 报 流通股本(亿股) 25.46 原盈利预 ...

[Table_Page] 季报点评|医疗服务 证券研究报告 [药Table_明Title] 康德(603259.SH/02359.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 44.57元/36.30港元 业绩稳健增长，持续提高生产经营效率 合理价值 65.74元/63.93港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-30 ⚫ 一体化平台彰显业绩稳定性和韧性，分子管线持续扩张。根据公司一 [相Tab对le_P市icQ场uote表] 现 季报披露，2024年一季度公司实现营业收入79.8亿元，同比-10.95%； 实现归母净利润19.42亿元，同比-10.42%；实现扣非归母净利润20.34 40% 24% 亿元，同比增长7.30%。公司来自美国客户收入人民币49.0亿元，剔 8% 除特定商业化项目后同比增长 0.4%；来自欧洲客户收入人民币 10.7 -8%05/23 07/23 09/23 10/23 12/23 02/24 04/24 亿元，同比增长 3.9%；来自中国客户收入人民币 15.9 亿元，同比下 -24% 降 ...

新冠基数扰动Q1，全年非新冠业务有望持续稳健增长 药明康德（603259.SH）/医药生物 证券研究报告/公司点评 2024年04月30日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：44.57元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 39354.78 40340.81 39403.85 43631.07 49615.55 分析师：祝嘉琦 增长率yoy% 71.84% 2.51% -2.32% 10.73% 13.72% 执业证书编号：S0740519040001 净利润（百万元） 8813.71 9606.75 9845.00 11057.59 12925.37 电话：021-20315150 增长率yoy% 72.91% 9.00% 2.48% 12.32% 16.89% 每股收益（元） 2.97 3.24 3.32 3.72 4.35 Email：zhujq@zts.com.cn 每股现金流量 3.58 4.51 3.98 4.11 4.56 分析师：崔少煜 ...

浦银国际研究 公司研究 | 医药行业 药明康德（2359.HK/603259.CH）： 1Q24 收 阳景 入符合预期但利润率低于预期，维持全年指引 浦 首席医药分析师 银 Jing_yang@spdbi.com 药明康德 1Q24 收入符合我们预期，但经调整 Non-IFRS 归母净利润 (852) 2808 6434 国 际 低于预期。公司维持全年指引不变，上半年收入有望占全年收入 42%- 45%，利润率有望随着产能爬坡逐季改善。维持港股和 A 股目标价。 胡泽宇 CFA 医药分析师 1Q24收入符合我们预期，但经调整 Non-IFRS归母净利润低于预期：  ryan_hu@spdbi.com 1Q24 总收入为79.8 亿元（-11% YoY, -26.1% QoQ），符合我们预期， (852) 2808 6446 略低于 Visible Alpha 一致预期，其中非新冠收入同比下降 1.8%； 经 调整Non-IFRS 归母净利润为19.1 亿元（-18.3% YoY, -28.8% QoQ）， 2024年4月30日 不及我们预期和 Visbile Alpha 一致预期，不及我们预期主要由于 公 ...

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec (603259.SH) [1][2] Core Views - WuXi AppTec reported Q1 2024 revenue of 7.98 billion yuan, a year-on-year decrease of 11.0%, with a net profit attributable to shareholders of 1.94 billion yuan, down 10.4% [1] - The company continues to see robust growth in its TIDES business, with Q1 revenue reaching 780 million yuan, a year-on-year increase of 43.1% [1] - The company maintains its revenue guidance for 2024, expecting a year-on-year growth of 2.7%-8.6% excluding COVID-19 projects [1] Summary by Sections Financial Performance - Q1 2024 revenue was 79.8 billion yuan, with a net profit of 19.4 billion yuan, and adjusted net profit of 19.1 billion yuan [1] - WuXi Chemistry revenue was 55.6 billion yuan, down 13.5%, but grew 1.2% excluding COVID-19 projects [1] - WuXi Testing revenue was 14.9 billion yuan, up 2.6%, with clinical CRO and SMO revenue growing by 11.0% [1] Business Segments - The TIDES business is expanding rapidly, with significant order growth and increased production capacity [1] - WuXi Biology reported revenue of 5.6 billion yuan, down 2.8%, but new molecular types revenue grew by 12.2% [1] - WuXi ATU revenue was 2.8 billion yuan, down 13.6%, with ongoing preparations for CAR-T production [1] Market Outlook - The company reported Q1 revenue from the US at 4.9 billion yuan, growing 0.4% excluding COVID-19 projects, and European revenue at 1.07 billion yuan, up 3.9% [1] - WuXi AppTec expects to maintain its revenue target for 2024, with adjusted net profit margin expected to remain stable compared to 2023 [1] Future Projections - The projected net profit for 2024-2026 is 9.456 billion yuan, 10.607 billion yuan, and 12.049 billion yuan respectively, with corresponding PE ratios of 14, 12, and 11 [2][6]

FF304 翌日披露報表 (股份發行人 ── 已發行股本變動及/或股份購回) 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4月30日 | 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(註11) | | 否 | | | | | | 證券代號 (如於香港聯交所上市) | 說明 | 於上海證券交易所上市 | | | | | | | | | | 發行股份 (註6及7) | 股份數目 | 已發行股份佔 有關股份發行前的 現有已發行股份數目 百分比 (註4、6及7) | | 每股發行價 (註1及7) | | 上一個營業日 的每股收市價 (註5) | | 發行價較市值的折讓/ 溢價幅度(百分比) (註7) | | | | 於下列日期開始時的結存(註2) 2024年4月29日 | 2,546,260,847 | | | | | | | | | | ...

大家早上好非常感谢大家能来参加耀明康德2024年一季度的业绩交流电话会我是中信建投的医药分析师贺居英今天我们非常荣幸的邀请到了公司的副董事长兼全球首席投资官胡总联席首席执行官陈总联席首席执行官杨总首席财务官施总董事会秘书张总以及投资者关系总监汤总 参会与大家进行深度的交流那么一起跟我主持会议的还有我们团队的刘若飞、赖俊勇和汤然我们看到公司在今年的一季度在面临外部挑战的这样一个背景之下依然完成了预定的业绩目标那么接下来呢我就想把时间交给公司管理层请管理层跟我们分享一下公司一季度经营的亮点和未来的展望谢谢 好的 感谢贺总介绍然后也欢迎各位投资者和分析师来参加耀明康的2024年第一季内地电话交流会我们昨晚发布了一份报告并在公司官网也发布了最新的演示材料麻烦那个身上的同事稍微静音一下好的 然后在会议开始前我们还是希望说明今天的交流是包含前瞻性的也具有一定不确定性因此您应该注意以来任何前瞻性的陈述将涉及已知及未知的风险此外为补充本公司按照国际财务报告准则所准备的财务报表我们提供经调整的NRFS财务数据 我们认为精调整的财务指标有助于了解及评估公司业务表现以及经营趋势消除对于公司业务表现并不具有指示性的不寻常或者非经常性 ...

Financial Performance - The company's operating revenue for Q1 2024 was approximately RMB 7.98 billion, representing a decrease of 10.95% compared to the same period last year[6]. - Net profit attributable to shareholders for Q1 2024 was approximately RMB 1.94 billion, a decrease of 10.42% year-on-year, while the net profit after deducting non-recurring items was approximately RMB 2.03 billion, an increase of 7.30%[6]. - The net cash flow from operating activities for Q1 2024 was approximately RMB 2.26 billion, down 25.44% year-on-year, with basic earnings per share at RMB 0.67, a decrease of 9.46%[6]. - Total revenue for Q1 2024 was approximately ¥7.98 billion, a decrease of 11.0% compared to ¥8.96 billion in Q1 2023[23]. - Operating profit for Q1 2024 was approximately ¥2.31 billion, down from ¥2.62 billion in Q1 2023, reflecting a decline of 11.7%[23]. - Total comprehensive income for Q1 2024 was RMB 1,745,132 thousand, a decrease from RMB 2,167,889 thousand in Q1 2023, representing a decline of approximately 19.4%[30]. - The adjusted profit attributable to the parent company for Q1 2024 is RMB 1,942,211 thousand, a decrease from RMB 2,168,129 thousand in Q1 2023, representing a decline of approximately 10.4%[35]. - The non-IFRS profit attributable to the parent company for Q1 2024 is RMB 2,057,967 thousand, down from RMB 2,472,807 thousand in Q1 2023, indicating a decrease of about 16.8%[35]. Assets and Liabilities - Total assets as of March 31, 2024, were approximately RMB 74.94 billion, an increase of 1.72% from the end of the previous year[6]. - Total liabilities as of March 31, 2024, amounted to approximately ¥18.89 billion, an increase of 4.1% from ¥18.15 billion as of December 31, 2023[22]. - Non-current liabilities increased significantly to approximately ¥5.50 billion in Q1 2024, compared to ¥3.40 billion in Q4 2023, marking a rise of 62.0%[22]. - The total current liabilities decreased to approximately ¥13.39 billion as of March 31, 2024, down 9.3% from ¥14.76 billion at the end of 2023[22]. - The total equity attributable to shareholders was approximately ¥55.64 billion as of March 31, 2024, up from ¥55.12 billion at the end of 2023, representing an increase of 0.9%[22]. - The total equity attributable to shareholders of the parent company increased to RMB 55,639,488 thousand from RMB 55,122,454 thousand, an increase of approximately 0.9%[32]. Revenue Breakdown - The chemical business generated revenue of RMB 5.56 billion, a year-on-year decline of 0.6% after excluding COVID-19 commercialization projects[11]. - Revenue from the top 20 global pharmaceutical companies reached RMB 2.70 billion, showing a year-on-year growth of 4.2% after excluding COVID-19 commercialization projects[10]. - The TIDES business (mainly oligonucleotides and peptides) achieved revenue of RMB 780 million, reflecting a strong year-on-year growth of 43.1%[11]. - The company’s revenue from U.S. clients was RMB 4.90 billion, with a year-on-year increase of 0.4% after excluding COVID-19 commercialization projects[10]. - The company’s revenue from the biological business was RMB 560 million, with a year-on-year growth of 12.2% in new molecular-related income[12]. - The high-end therapeutic CTDMO business generated revenue of RMB 280 million, with ongoing projects including CAR-T product preparations for FDA submission in the second half of 2024[13]. - The company’s revenue from clinical CRO and SMO services was RMB 440 million, with SMO business growing by 26.4% year-on-year[12]. Research and Development - The company continues to enhance its CRDMO and CTDMO business models to improve R&D efficiency and provide integrated services from drug discovery to production[5]. - Research and development expenses for Q1 2024 were approximately ¥306.40 million, down 14.2% from ¥357.30 million in Q1 2023[23]. - The company is currently working on 17 new molecular projects, with six projects having entered the clinical stage[15]. - The domestic new drug development service department achieved revenue of RMB 80 million, with three new drugs approved for clients, including two for COVID-19 and one for cancer treatment[14]. - As of the end of Q1 2024, the company has completed IND applications for 196 projects and obtained 175 clinical trial approvals, including three projects that have been approved for market launch[14]. - The company has ongoing projects in various disease areas, with a focus on expanding its portfolio of new drugs[14]. - The company has two additional drugs in the market application stage, indicating a robust pipeline for future revenue[14]. Cash Flow and Liquidity - The company’s cash and cash equivalents increased to RMB 15.73 billion from RMB 13.76 billion, reflecting improved liquidity[21]. - The company reported a net cash outflow from operating activities of RMB (734,554) thousand in Q1 2024, compared to RMB (1,144,916) thousand in Q1 2023, showing an improvement in cash flow management[33]. - The net cash flow from financing activities for Q1 2024 was approximately -¥43.29 million, a significant decline compared to a positive cash flow of ¥148.9 million in Q1 2023[28]. - The company raised new bank loans amounting to RMB 2,920,641 thousand in Q1 2024, compared to RMB 2,503,563 thousand in Q1 2023, reflecting an increase of approximately 16.7%[34]. - The company’s cash and cash equivalents at the end of Q1 2024 amounted to approximately ¥11.52 billion, an increase from ¥9.87 billion at the end of Q1 2023[28]. - The company’s total cash inflow from financing activities in Q1 2024 was approximately ¥2.93 billion, compared to ¥2.51 billion in Q1 2023, showing an increase of 16.9%[28]. Market Position and Strategy - The company operates globally with bases in Asia, Europe, and North America, ensuring compliance with the highest international quality regulatory standards[5]. - The company emphasizes the importance of optimizing cross-sector business synergies to better serve global clients[5]. - The company is committed to maintaining a strong reputation in the global pharmaceutical R&D industry through excellent service records and robust intellectual property protection[5]. - The company is actively pursuing market expansion and new product development strategies to enhance its competitive position[14].

Financial Performance - The company's revenue for Q1 2024 was approximately RMB 7.98 billion, representing a decrease of 10.95% compared to the same period last year[6]. - Net profit attributable to shareholders was approximately RMB 1.94 billion, down 10.42% year-over-year[6]. - The net profit excluding non-recurring gains and losses was approximately RMB 2.03 billion, an increase of 7.30% year-over-year[6]. - Total revenue for Q1 2024 was approximately ¥7.98 billion, a decrease of 11% compared to ¥8.96 billion in Q1 2023[22]. - Operating profit for Q1 2024 was approximately ¥2.31 billion, down from ¥2.62 billion in Q1 2023, reflecting a decline of 12%[22]. - Net profit for Q1 2024 was approximately ¥1.96 billion, a decrease of 10% from ¥2.19 billion in Q1 2023[22]. - Basic earnings per share for Q1 2024 were ¥0.67, down from ¥0.74 in Q1 2023[23]. - Total comprehensive income for Q1 2024 was approximately ¥1.75 billion, a decrease of 19% from ¥2.17 billion in Q1 2023[23]. - Gross profit for Q1 2024 was CNY 3,005,748 thousand, down from CNY 3,525,642 thousand in Q1 2023, reflecting a gross margin of approximately 37.6%[27]. - Operating profit for Q1 2024 was CNY 2,324,919 thousand, compared to CNY 2,710,547 thousand in Q1 2023, indicating a decline of 14.2%[27]. - Net profit for Q1 2024 was CNY 1,958,853 thousand, down from CNY 2,185,805 thousand in Q1 2023, representing a decrease of 10.4%[27]. Client and Revenue Growth - The company added over 300 new clients in the reporting period, with active clients exceeding 6,000 globally[9]. - Revenue from the top 20 global pharmaceutical companies reached RMB 2.70 billion, a year-over-year increase of 4.2% after excluding specific commercial production projects[9]. - Revenue from U.S. clients was RMB 4.90 billion, showing a year-over-year growth of 0.4% after excluding specific commercial production projects[9]. - Revenue from clients in other regions decreased by 26.6% year-over-year, amounting to RMB 420 million[9]. - The company achieved revenue of RMB 7.98 billion in Q1 2024, with the chemical business contributing RMB 5.56 billion, a year-on-year decline of 0.6% after excluding specific commercial production projects[10]. - The D&M service revenue reached RMB 4.0 billion, with a year-on-year growth of 1.2% after excluding specific commercial production projects, and a total of 3,286 molecules in the pipeline as of the end of Q1 2024[10]. - TIDES business revenue was RMB 780 million, showing a strong year-on-year growth of 43.1%, with a significant increase of 110% in orders on hand compared to the previous year[10]. - The testing business generated revenue of RMB 1.49 billion, with laboratory analysis and testing services contributing RMB 1.05 billion, a year-on-year decline of 0.6%[11]. - The clinical CRO and SMO business revenue was RMB 440 million, reflecting a year-on-year growth of 11.0%, with SMO business growing by 26.4%[11]. - The biological business achieved revenue of RMB 560 million, with new molecular-related revenue growing by 12.2%, accounting for 29.2% of the biological business revenue[12]. - The high-end CTDMO business generated revenue of RMB 280 million, providing services for a total of 65 projects, including 2 commercial projects and 5 clinical phase III projects[12]. - The domestic new drug R&D service department reported revenue of RMB 80 million, with 3 new drugs approved for clients and 2 drugs in the listing application stage[13]. Assets and Liabilities - Total assets at the end of the reporting period were approximately RMB 74.94 billion, a 1.72% increase from the end of the previous year[6]. - The company's current assets totaled ¥31,153,381,549.19, compared to ¥30,422,470,960.82 at the end of 2023, indicating an increase of about 2.42%[19]. - Cash and cash equivalents reached ¥15,725,570,254.99, up from ¥13,764,058,665.13, reflecting a growth of approximately 14.26%[19]. - The company's inventory increased to ¥5,047,973,507.51 from ¥4,736,229,956.28, marking a rise of about 6.58%[19]. - Total liabilities amounted to ¥18,891,550,725.01, compared to ¥18,151,903,894.38 at the end of 2023, representing an increase of approximately 4.07%[20]. - The company's equity attributable to shareholders was ¥55,639,487,743.34, slightly up from ¥55,122,453,910.73, indicating a growth of about 0.94%[20]. - Short-term borrowings decreased to ¥2,911,607,355.81 from ¥3,667,059,680.42, a reduction of approximately 20.56%[20]. - The company reported a total of ¥1,698,718,898.46 in contract liabilities, compared to ¥1,955,363,182.24 previously, reflecting a decrease of about 13.14%[20]. - The company's long-term borrowings increased significantly to ¥2,863,036,640.84 from ¥687,016,640.84, representing a growth of approximately 316.36%[20]. - The total non-current assets were reported at ¥43,786,466,187.38, up from ¥43,246,878,346.30, indicating an increase of about 1.25%[19]. Cash Flow and Financing Activities - The company's cash flow from operating activities was approximately RMB 2.26 billion, down 25.44% year-over-year[6]. - Cash flow from operating activities for Q1 2024 was approximately ¥2.26 billion, a decrease of 26% compared to ¥3.03 billion in Q1 2023[24]. - Cash flow from investing activities for Q1 2024 was negative at approximately -¥854 million, an improvement from -¥1.22 billion in Q1 2023[24]. - The company raised new bank loans amounting to 2,920,641 thousand RMB in Q1 2024, an increase of 16.7% compared to 2,503,563 thousand RMB in Q1 2023[34]. - The company repaid bank loans totaling 1,546,633 thousand RMB, which is a decrease of 29.0% from 2,178,546 thousand RMB in Q1 2023[34]. - The net increase in cash and cash equivalents for the quarter was 1,359,440 thousand RMB, compared to 1,953,351 thousand RMB in Q1 2023, reflecting a decrease of 30.4%[34]. - The company's cash and cash equivalents at the end of Q1 2024 were 11,516,961 thousand RMB, up from 9,867,844 thousand RMB at the end of Q1 2023, representing an increase of 16.7%[34]. - The company incurred interest payments of 20,817 thousand RMB in Q1 2024, significantly lower than 37,502 thousand RMB in Q1 2023, indicating a reduction of 44.7%[34]. - The company’s cash flow from financing activities showed a net cash outflow of 43,229 thousand RMB in Q1 2024, contrasting with a net inflow of 146,795 thousand RMB in Q1 2023[34].

FF304 翌日披露報表 (股份發行人 ── 已發行股本變動及/或股份購回) 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4月26日 | 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(註11) | 否 | | | | | | 證券代號 (如於香港聯交所上市) | 說明 | 於上海證券交易所上市 | | | | | | | | | | 發行股份 (註6及7) | 股份數目 | 已發行股份佔 有關股份發行前的 現有已發行股份數目 百分比 (註4、6及7) | | 每股發行價 (註1及7) | | 上一個營業日 的每股收市價 (註5) | | 發行價較市值的折讓/ 溢價幅度(百分比) (註7) | | | | 於下列日期開始時的結存(註2) 2024年4月25日 | 2,546,260,847 | | | | | | | | | | ...