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3月21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3月20日 | | 2,546,175,758 | | | | | | | | | ...

证券研究报告 公司点评 药明康德(603259.SH) 医药生物｜ 医疗服务 业绩表现符合预期， 在手订单增长良好 2024年 03月 19日 预测指标 2022A 202 3A 2024E 2025E 2026E 评级 买入 主营收入（亿元） 393.55 403.41 394.75 434.33 499.18 归母净利润（亿元） 88.14 96. 07 96.05 106.62 123.55 评级变动 维持 每股收益（元） 2.98 3.25 3.25 3.61 4.18 交易数据 每股净资产（元） 15.77 18.66 21.24 24.10 27.41 当前价格（元） 50.81 P/E 17.03 15.62 15.62 14.08 12.15 52周价格区间（元） 48.23-90.88 P/B 3.22 2.72 2.39 2.11 1.85 总市值（百万） 144295.14 资料来源：Wind，财信证券 流通市值（百万） 130393.83 总股本（万股） 295348.00 投资要点： 流通股（万股） 295337.90  事件：公司发布2023年年度报告。 涨跌幅比较  2023 ...

Investment Rating - Maintain BUY rating for WuXi AppTec with a target price of RMB67.53, down from the previous target price of RMB116.01, indicating a potential upside of 32.9% from the current price of RMB50.81 [2][3]. Core Insights - WuXi AppTec reported a revenue of RMB40.3 billion in 2023, reflecting a year-on-year growth of 2.5%. The attributable recurring net income was RMB9.7 billion, up 16.8% YoY, and the attributable adjusted non-IFRS net income reached RMB10.9 billion, up 15.5% YoY. Excluding COVID-19 related revenue, the company achieved a remarkable revenue growth of 25.6% YoY [2][3]. - For 2024, management expects reported revenue to range between RMB38.3 billion and RMB40.5 billion, representing a decline of 5.1% YoY to growth of 0.4% YoY. Excluding COVID-19 related revenue, growth is anticipated to be between 2.7% and 8.6% YoY [2][3]. - The company has shown solid business development in 2023, particularly in TIDES revenue, which grew by 64.4% YoY, and drug safety assessment and SMO business, which grew by 27.3% and 26.1% YoY, respectively [2][3]. - WuXi AppTec is actively working on commercial projects and has started receiving royalty income in 2023, with several customers discussing long-term contracts for advanced-stage projects [2][3]. Financial Summary - Revenue for FY23 was RMB40,341 million, with a YoY growth of 2.5%. For FY24E, revenue is projected at RMB39,126 million, reflecting a decline of 3.0% YoY, followed by growth of 10.2% in FY25E and 11.1% in FY26E [3][8]. - Adjusted net profit for FY23 was RMB10,854 million, up 15.5% YoY, with projections of RMB10,260 million for FY24E (down 5.5% YoY), RMB11,364 million for FY25E (up 10.8% YoY), and RMB12,828 million for FY26E (up 12.9% YoY) [3][8]. - The company’s P/E ratio for FY23 was 13.7, with projections of 14.5 for FY24E, 13.1 for FY25E, and 11.6 for FY26E [3][8]. Shareholder Actions - WuXi AppTec has demonstrated confidence in its business by canceling RMB1.2 billion H-shares under its 2023 H-share Award Scheme and is in the process of repurchasing another RMB1 billion A-shares [2][3].

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3月20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3月19日 | | 2,566,403,689 | | | | | | | | | ...

Investment Rating - The report maintains a "Neutral" rating for WuXi AppTec (2359 HK) with a target price adjusted to HKD 37.00 [3][11]. Core Insights - WuXi AppTec's 2023 revenue increased by 2.5% year-on-year to RMB 40.34 billion, with various business segments showing different growth rates. However, the decline in COVID-related revenue and a challenging financing environment for pharmaceutical companies have led to a slowdown in revenue growth [2][8]. - The company has improved its operating efficiency, resulting in an increase in gross margin from 36.9% to 40.6% year-on-year. Shareholder net profit rose by 21.3% to RMB 10.69 billion, reflecting a 15.5% increase in adjusted Non-IFRS net profit [2][8]. - The outlook for 2024-25 revenue has been downgraded by 17.4% and 24.3% respectively due to extended order delivery times, reduced R&D spending by downstream pharmaceutical companies, and a still-recovering financing environment [2][3]. Summary by Sections Financial Performance - 2023 total revenue: RMB 40.34 billion, up 2.5% year-on-year [2][8]. - Shareholder net profit: RMB 10.69 billion, up 21.3% year-on-year [2][8]. - Adjusted Non-IFRS net profit: RMB 10.85 billion, up 15.5% year-on-year [2][8]. Revenue Forecasts - 2024E revenue forecast: RMB 39.69 billion, down 17.4% from previous estimates [7]. - 2025E revenue forecast: RMB 45.36 billion, down 24.3% from previous estimates [7]. Business Segment Performance - Chemical segment revenue growth: 1.1% [2]. - Testing segment revenue growth: 14.4% [2]. - Biological segment revenue growth: 3.1% [2]. - Cell and gene therapy CTDMO revenue growth: 0.1% [2]. Market Conditions - The financing environment for small and medium-sized pharmaceutical companies remains challenging, impacting demand for R&D outsourcing services [2][3]. - The potential impact of the U.S. Biologics Act on the company's U.S. business, which accounted for 64.8% of revenue in 2023, is being closely monitored [2][3].

浦银国际研究 公司研究 | 医药行业 药明康德（2359.HK/603259.CH）：2024 年 阳景 收入、经调整净利指引同比持平或略降 浦 首席医药分析师 银 Jing_yang@spdbi.com 药明康德 2023 年全年业绩大致符合预期，但 2024 年指引（收入、 (852) 2808 6434 国 际 经调整 non-IFRS 归母净利润同比持平或略降）显著低于市场预期， 导致业绩发布后港股收跌 7.5%、A 股收跌 4.9%。尽管管理层未详细 胡泽宇 CFA 阐述下调非新冠收入增速原因，我们推测可能反映公司业务实际上 医药分析师 或已受到生物安全法案草案的负面影响。下调港股/A 股目标价至 ryan_hu@spdbi.com 48.0港元/人民币 60.0元。 (852) 2808 6446 2023全年业绩大致符合预期：2023 年全年总收入达到人民币 403.4 2024年3月19日  亿元（+2.5% YoY），剔除新冠商业化项目后收入增速为+25.6% YoY, 公 药明康德（2359.HK） 符合我们预期和彭博一致预期，亦处于公司之前给出的收入指引中 司 间值。经调整 Non-I ...

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [2][3]. Core Views - The company has demonstrated steady business development, with a total revenue of 40.34 billion yuan in 2023, reflecting a year-over-year increase of 2.51%. The net profit attributable to shareholders reached 9.607 billion yuan, up by 9.00% year-over-year, and the adjusted net profit was 9.748 billion yuan, marking a 16.81% increase [2][3]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 10.799 billion yuan, a decrease of 1.47% year-over-year, while the net profit attributable to shareholders was 1.530 billion yuan, an increase of 6.58% year-over-year. The adjusted net profit for the same quarter was 2.038 billion yuan, up by 0.5% [2]. - For the full year, the chemical business generated 29.17 billion yuan in revenue, a 1.1% increase year-over-year, with a 36.1% increase when excluding COVID-19 commercialization projects. The testing business saw a revenue of 6.540 billion yuan, up 14.36%, while the biological business generated 2.553 billion yuan, a 3.13% increase. The CTDMO business achieved 1.310 billion yuan, a slight increase of 0.12%, while DDSU revenue fell by 25.08% due to business transformation [2]. Business Segments - The chemical CDMO business showed strong growth, with drug discovery-related revenue increasing by 6% year-over-year, despite a 25.3 percentage point decline in growth rate compared to 2022. The revenue from process development and production services decreased by 0.1%, but excluding COVID-19 projects, it increased by 55.1% due to the addition of 1,255 new molecules and an increase in commercial projects from 50 in 2022 to 61 in 2023. The new molecule business revenue grew by 64.4% to 3.41 billion yuan, with a backlog of orders increasing by 226% [2][3]. Profitability and Valuation - The company is positioned as a leading one-stop CXO service provider, with steady earnings growth. The net profit forecasts for 2024 and 2025 have been adjusted downwards to 10.95 billion yuan and 12.76 billion yuan, respectively, reflecting a decrease of 6% and 14%. The 2026 net profit forecast is set at 14.41 billion yuan, indicating year-over-year growth of 14.01%, 16.52%, and 12.89% for 2024, 2025, and 2026, respectively. The corresponding P/E ratios for A-shares are projected at 14, 12, and 10 times for 2024 to 2026, maintaining a "Buy" rating [3][4].

上 市 公 司 医药生物 2024 年03月 19 日 药明康德 (603259) 公 司 研 究 ——23 年收入破 400 亿，在手订单稳健增长 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 事件： （维持）  公司发布 2023 年报。2023 年实现营业收入 403.4 亿元，同比增长 2.5%，剔除新冠增 速 25.6%；归母净利润 96.1 亿元，同比增长 9.0%；经调整 Non-IFRS 归母净利润 证 市场数据： 2024年03月19日 108.6亿元，同比增长15.5%，符合预期。 券 收盘价（元） 50.81 研 一年内最高/最低（元） 93.56/45.2 投资要点： 究 市净率 2.7 报 息率（分红/股价） - 告 流通 A 股市值（百万 130394  CDMO 剔除新冠快速增长。根据公司 23 年报，1）化学业务实现收入人民币 291.7 亿 元） 元，同比增长 1.1%，剔除新冠同比增长 36.1%。其中，CDMO 收入 216 亿元，同比下 上证指数/深证成指 3062.76/9696.69 注：“息率”以最近一年已公布分红计算 降 0.1%，剔除新冠同比增长 ...

TIDES 业务持续亮眼，24 年非新冠业务有望维持稳健 药明康德（603259.SH）/医药生物 证券研究报告/公司点评 2024年03月19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：53.41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 4.07 4.13 4.57 分析师 ...

Investment Rating - The investment rating for WuXi AppTec (药明康德) is to maintain attention on the stock due to its leading technology and comprehensive integrated business layout [5][7]. Core Views - WuXi AppTec reported a revenue of 40.341 billion yuan in 2023, a year-on-year increase of 2.51%, and a net profit attributable to shareholders of 9.607 billion yuan, up 9.00% year-on-year [2]. - The company is advancing its global capacity construction and new business layout, with significant growth in its TIDES business, which achieved a revenue of 3.4 billion yuan, a 64% increase year-on-year [4]. - The integrated service platform is expected to drive continuous growth across various business segments, with notable performance in chemical and testing services [3]. Financial Summary - In 2023, the company achieved a revenue of 40.341 billion yuan, with a net profit of 9.607 billion yuan, and an EPS of 3.28 yuan [6]. - Revenue projections for 2024-2026 are 40.421 billion yuan, 45.693 billion yuan, and 52.316 billion yuan, with corresponding growth rates of 0.20%, 13.04%, and 14.50% [5]. - The company’s P/E ratio is projected to decrease from 15.5 in 2023 to 11.4 in 2026, indicating potential valuation improvement [6].