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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's regular business is developing steadily, with strong growth in emerging businesses such as TIDES. In 2023, the company achieved revenue of 40.34 billion yuan, a year-on-year increase of 2.5%, and a 25.6% increase when excluding COVID-19 commercialization projects. The net profit attributable to the parent company was 9.61 billion yuan, up 9.0% year-on-year [4][5] - The company has adjusted its profit forecast for 2024-2025 due to a slowdown in industry demand, now expecting net profits of 10.40 billion yuan, 11.30 billion yuan, and 12.86 billion yuan for 2024, 2025, and 2026 respectively [4][5] Financial Performance Summary - In Q4 2023, the company reported revenue of 10.80 billion yuan, a decline of 1.5% year-on-year, while the net profit attributable to the parent company was 1.53 billion yuan, an increase of 6.6% year-on-year [4] - The company's chemical business generated revenue of 29.17 billion yuan in 2023, a growth of 1.1%, and a 36.1% increase when excluding COVID-19 projects. The TIDES business revenue reached 3.41 billion yuan, growing 64.4% year-on-year [5] - The company has a strong order backlog, with non-COVID orders growing nearly 18% year-on-year [4][5] Business Development - The company is proactively expanding its oligonucleotide and peptide businesses, with TIDES orders increasing by 226% year-on-year as of December 2023. New production capacity for 32,000L peptides was put into operation in January 2024 [5] - The company has laid out a forward-looking strategy in the CGT business, assisting multiple CGT projects in submitting BLA, and has achieved revenue of 1.31 billion yuan in this segment in 2023 [6] Financial Projections - The company expects earnings per share (EPS) of 3.55 yuan, 3.85 yuan, and 4.38 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 14.2, 13.1, and 11.5 [4][7] - The total market capitalization of the company is approximately 1476.28 billion yuan, with a circulating market capitalization of 1281.42 billion yuan [3]

Financial Performance - The company's revenue for 2023 reached approximately ¥40.34 billion, representing a 2.51% increase compared to ¥39.35 billion in 2022[20]. - Net profit attributable to shareholders for 2023 was approximately ¥9.61 billion, a 9.00% increase from ¥8.81 billion in 2022[20]. - The net profit after deducting non-recurring gains and losses was approximately ¥9.75 billion, reflecting a 16.81% increase from ¥8.34 billion in 2022[20]. - The net cash flow from operating activities for 2023 was approximately ¥13.39 billion, an increase of 26.10% compared to ¥10.62 billion in 2022[20]. - The total assets at the end of 2023 were approximately ¥73.67 billion, a 13.88% increase from ¥64.69 billion at the end of 2022[20]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥55.12 billion, an 18.31% increase from ¥46.59 billion at the end of 2022[20]. - Basic earnings per share for 2023 were ¥3.27, an increase of 8.64% from ¥3.01 in 2022[21]. - The diluted earnings per share for 2023 were ¥3.24, reflecting a 14.89% increase from ¥2.82 in 2022[21]. - The weighted average return on net assets for 2023 was 18.99%, a decrease of 1.63 percentage points from 20.62% in 2022[21]. - The company achieved operating revenue of RMB 40,340,806,877.04, a year-on-year increase of 2.51%[44]. - Gross profit reached RMB 1,661,200,720, representing a 13.18% increase compared to the same period last year, with a gross margin of 41.17%, up 3.88 percentage points[45]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 9.8336 per 10 shares, totaling RMB 2,882,031,329.68 (including tax) to shareholders[4]. - The cash dividend represents 30% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which is RMB 9,606,749,135.07[142]. - The company has established a profit distribution policy ensuring that cash dividends in any three consecutive years will not be less than 30% of the average distributable profit for those years[140]. - The company is committed to a sustainable profit distribution mechanism that considers strategic development goals, shareholder interests, and cash flow conditions[140]. Business Operations and Strategy - The company plans to continue expanding its market presence and investing in new product development and technologies[19]. - The company is focusing on enhancing global business synergies and accelerating its globalization efforts[45]. - The company aims to enhance its service capabilities and expand its business scale globally, focusing on integrated new drug R&D and production services[78]. - The company plans to strengthen its digital transformation and improve data utilization to enhance operational efficiency[81]. - The company will continue to invest in cutting-edge technologies, including peptide drugs, oligonucleotide drugs, and targeted protein degradation technology (PROTAC)[81]. - The company is focused on developing and selecting talent suitable for various business scenarios to enhance the quality of its management team[139]. Client and Market Engagement - The company added over 1,200 new clients in 2023, with active clients exceeding 6,000, indicating a strong demand for services globally[30]. - Revenue from U.S. clients amounted to CNY 26.13 billion, a year-on-year increase of 42% when excluding specific commercial production projects[30]. - Revenue from the top 20 global pharmaceutical companies reached CNY 16.11 billion, with a year-on-year growth of 44% when excluding specific commercial production projects[30]. - The company’s revenue from existing clients accounted for 98% of total revenue, amounting to CNY 39.63 billion, which is a 30% increase when excluding specific commercial production projects[30]. Risks and Challenges - The company faces risks related to a potential decline in demand for pharmaceutical research services, which could negatively impact business if industry trends slow or outsourcing ratios decrease[83]. - Regulatory changes in the pharmaceutical research services industry pose a risk, as the company must adapt to evolving policies and regulations in various countries[84]. - Increased competition in the global pharmaceutical research services market may threaten the company's market position if it fails to enhance its research and commercial advantages[85]. - Global operations expose the company to risks from international policy changes, geopolitical tensions, and unforeseen events that could disrupt business continuity[87]. - Currency exchange rate fluctuations, particularly a significant appreciation of the RMB, could lead to increased costs and reduced order volumes[90]. Governance and Compliance - The company has established a complete and independent governance structure, ensuring independence in assets, personnel, finance, organization, and business from the actual controller[95]. - The company has implemented measures to prevent the actual controller and related parties from occupying company funds, ensuring financial independence[96]. - The company has a robust internal management and control system to safeguard shareholder rights and ensure stable development[94]. - The company has not engaged in any related party transactions that would compromise its independence[96]. - The company reported no penalties from securities regulatory agencies in the past three years[121]. Environmental Responsibility - The company invested 14.6138 million yuan in environmental protection during the reporting period[151]. - The company has established a mechanism for environmental protection and is compliant with relevant regulations[151]. - The company’s wastewater treatment facilities across various locations are operating normally and effectively managing waste, ensuring compliance with environmental standards[196]. - The company has implemented a waste management program to oversee the generation, collection, classification, and disposal of industrial solid waste and hazardous waste[165]. - The company’s noise levels at the project boundary meet the Class 2 standards of the Industrial Enterprise Boundary Environmental Noise Emission Standards[165].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of approximately 40.34 billion RMB in 2023, representing a year-on-year growth of 2.51%, and a net profit attributable to shareholders of approximately 9.61 billion RMB, which is a 9% increase year-on-year [1] - The company has seen a significant increase in orders, with a year-on-year growth of 18% in hand orders, excluding specific commercial production projects [1] - Revenue from U.S. clients reached 26.13 billion RMB, growing 42% year-on-year, while revenue from European clients was 4.70 billion RMB, up 12% year-on-year [1] - The company has a high customer loyalty rate, with 98% of revenue coming from existing clients, totaling 39.63 billion RMB, which is a 30% increase year-on-year [1] - The company successfully delivered over 420,000 new compounds and added 1,255 new molecules during the reporting period, contributing to revenue growth [1] - The production capacity for peptides has rapidly increased, with the number of oligonucleotide and peptide D&M molecules rising by 41% to 267, and the total volume of peptide solid-phase synthesis reactors increasing fivefold to 32,000 liters [1] - The company achieved a decrease in operating costs, with a year-on-year decline of 3.84% in operating costs, 4.18% in selling expenses, and 10.74% in R&D expenses [1] - The company plans to distribute a cash dividend of 9.8336 RMB per 10 shares to all shareholders, totaling approximately 2.88 billion RMB, with a dividend yield of about 1.8% [1] Financial Summary - The company expects net profits attributable to shareholders for 2024, 2025, and 2026 to be 10.1 billion RMB, 11.2 billion RMB, and 13 billion RMB respectively, with corresponding P/E ratios of 15, 14, and 12 times [1][4] - The revenue growth rate is projected to be 0.11% in 2024, followed by 17.38% in 2025 and 18.69% in 2026 [4] - The net profit growth rate is expected to be 6.02% in 2024, 10% in 2025, and 15.86% in 2026 [4]

证券研究报告 | 年报点评报告 2024年03月19日 药明康德（603259.SH） 业绩符合预期，2024 年预计稳健增长 公司发布2023年年度报告。2023年全年，公司实现营业收入403.4亿元，同比增 买入（维持） 长2.5%；归母净利润96.07亿元，同比增长9.0%；归母扣非后净利润97.48亿元， 股票信息 同比增长16.8%；经调整Non-IFRS归母净利润109亿元，同比增长15.5%。第四 季度，公司实现营业收入108.0亿元，同比下降1.47%；扣非归母净利润20.4亿元， 行业 医疗服务 同比增长0.5%。 前次评级 买入 全年收入突破400亿符合预期，剔新冠项目后增长维持强劲：公司全年收入突破400 3月18日收盘价(元) 53.41 亿，剔除新冠商业化之后的整体增长为 25.6%。公司拥有庞大、多样且忠诚的客户 总市值(百万元) 157,745.36 群，覆盖所有全球前20大制药企业。2023全年，全球前20大制药企业占公司整体 总股本(百万股) 2,953.48 收入比重约40%。随着公司赋能平台服务数量及类型的不断增强，公司新老客户数 其中自由流通股(%) 86.89 量稳步 ...

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec (603259.SH) [2][4] Core Views - WuXi AppTec's revenue for 2023 reached 40.34 billion yuan, a year-on-year increase of 2.5%, with a 25.6% growth rate excluding COVID-19 related projects. The net profit attributable to shareholders was 9.61 billion yuan, up 9.0% year-on-year, and the adjusted net profit was 10.86 billion yuan, reflecting a 15.5% increase [1][2] - The company is expected to achieve revenue between 38.3 billion and 40.5 billion yuan in 2024, with a year-on-year growth of 2.7% to 8.6% excluding COVID-19 projects [1][2] Summary by Sections Financial Performance - WuXi Chemistry reported revenue of 29.17 billion yuan, a 1.1% increase, with a 36.1% growth rate excluding COVID-19 projects. The revenue from R&D was 7.55 billion yuan (+4.7%), while D&M revenue was 21.62 billion yuan (-0.1%), with a 55.1% growth rate excluding COVID-19 [1] - WuXi Testing generated revenue of 6.54 billion yuan (+14.4%), with laboratory analysis and testing revenue at 4.78 billion yuan (+15.3%) [1] - WuXi Biology's revenue was 2.55 billion yuan (+3.1%), with new molecular-related revenue accounting for 27.5% [1] - WuXi ATU's revenue was 1.31 billion yuan (+0.1%), supporting CAR-T therapy approvals [1] - WuXi DDSU's revenue decreased to 730 million yuan (-25.1%), but gross margin improved by 9.5 percentage points [1] Future Outlook - The company has a strong order backlog of 35.24 billion yuan, a 7.4% increase year-on-year, with 23.39 billion yuan expected to be recognized as revenue in 2024 [1] - Capital expenditure for 2024 is projected at 5 billion yuan, with free cash flow expected to reach 4-5 billion yuan [1] Valuation Metrics - The projected net profit for 2024-2026 is estimated at 9.58 billion, 10.96 billion, and 12.85 billion yuan, corresponding to PE ratios of 16, 14, and 12 times respectively [1][2]

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 第 2 頁 共 5 頁 v 1.2.5 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18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 ...

根據業務的發展需要，本公司董事會於2024年3月18日第三屆董事會第九次會 議議決將動用分配至兩個募投項目（分別為「擴大本集團的海外業務及全球併購」 和「建設常熟研發一體化」項目（「募投項目」））之餘下配售新H股募集資金淨額 的預期日期從2023年12月31日延長至2025年12月31日（「延期」）。 WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 配售新H股的基本情況 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，並明確表示概不就本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 動用分配至募投項目之 餘下配售新H股募集資金淨額 預期時間表延期 茲提述無錫藥明康德新藥開發股份有限公司（「本公司」）於2020年7月29日和 2020年8月5日刊發有關（其中包括）配售68,205,400股新H股（「配售新H股」）的公 告（「該等公告」）。除非文義另有所指，否則該等公告已界定的詞語在本公告中 具有相同涵義。 以上數據若出現 ...

無錫藥明康德新藥開發股份有限公司 董事會提名委員會議事規則 （2024年修訂） 無錫藥明康德新藥開發股份有限公司 董事會提名委員會議事規則 第一章 總則 第一條 為規範無錫藥明康德新藥開發股份有限公司（以下簡稱「公司」）董事、 高級管理人員的選聘工作，優化董事會組成，完善公司治理結構，根據《中華 人民共和國公司法》、《上市公司治理準則》、《上市公司獨立董事管理辦法》、 《董事會專門委員會實施細則(2) — 董事會提名委員會實施細則指引》、《香港聯 合交易所有限公司證券上市規則》以及《無錫藥明康德新藥開發股份有限公司 章程》（以下簡稱「《公司章程》」）、《無錫藥明康德新藥開發股份有限公司董事 會議事規則》的相關規定，公司董事會特設立提名委員會，並制定本規則。 第二條 提名委員會是董事會下設的專門工作機構，主要負責對公司董事和高 級管理人員的人選、條件、標準和程序提出建議。 第三條 本規則所稱高級管理人員同《公司章程》中的定義範圍。 第九條 當委員會人數低於本規則規定人數時，董事會應當根據本規則規定補 足委員人數。 第十條 提名委員會可以下設提名工作小組（以下簡稱「工作組」）作為日常辦事 機構，由公司負責人力資源 ...

無錫藥明康德新藥開發股份有限公司 董事會薪酬與考核委員會議事規則 （2024年修訂） 無錫藥明康德新藥開發股份有限公司 董事會薪酬與考核委員會議事規則 第一章 總則 第一條 為進一步建立健全無錫藥明康德新藥開發股份有限公司（以下簡稱「公 司」）董事和高級管理人員的薪酬和考核管理制度，完善公司治理結構，根據《中 華人民共和國公司法》、《上市公司治理準則》、《上市公司獨立董事管理辦法》、 《董事會專門委員會實施細則(4) — 董事會薪酬與考核委員會實施細則指引》、 《香港聯合交易所有限公司證券上市規則》以及《無錫藥明康德新藥開發股份有 限公司章程》（以下簡稱「《公司章程》」）、《無錫藥明康德新藥開發股份有限公 司董事會議事規則》等相關規定，公司特設董事會薪酬與考核委員會，並制定 本規則。 第二條 薪酬與考核委員會是董事會下設的專門工作機構，主要工作是擬定公 司董事及高級管理人員的考核標準並進行考核；負責制定、審查公司董事及 高級管理人員薪酬政策與方案，對制定股權激勵方案進行研究和建議，對董事 會負責。 第三條 本規則所稱董事是指在本公司領取薪酬的董事；高級管理人員是指《公 司章程》所定義的由董事會聘任的高級管理人 ...