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10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11月4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 ...

Investment Rating - The report maintains an "Outperform" rating for WuXi AppTec (603259 SH) [1][2][10] Core Views - WuXi AppTec's Q3 2024 revenue exceeded RMB 10 billion, with a year-on-year increase of 14 6% excluding COVID-19 commercial projects [1][5] - The company's revenue diversification is evident, with US client revenue turning positive in the first three quarters of 2024 [1] - The integrated CRDMO model continues to drive growth, particularly in the chemical business, with 915 new molecules added in the first three quarters of 2024 [1][8] - TIDES business showed rapid growth, with revenue increasing by 71 0% year-on-year in the first three quarters of 2024 [1][9] Financial Performance - For Q1-3 2024, WuXi AppTec achieved revenue of RMB 27 7 billion (down 6 2% year-on-year, but up 4 6% excluding COVID-19 commercial projects) and net profit attributable to shareholders of RMB 6 53 billion (down 19 1% year-on-year) [1][5] - Q3 2024 revenue was RMB 10 46 billion (down 2 0% year-on-year, but up 14 6% excluding COVID-19 commercial projects) [1][5] - Adjusted Non-IFRS net profit attributable to shareholders for Q3 2024 was RMB 2 97 billion, up 20 9% quarter-on-quarter [1][5] Business Segments - Chemical business: The CRDMO model drove growth, with 915 new molecules added in the first three quarters of 2024, including 898 pre-clinical and clinical I projects, 14 clinical II projects, 1 clinical III project, and 2 commercial projects [1][8] - ATU business: Revenue and gross margin declined year-on-year due to the impact of proposed US legislation, but 59 ATU CDMO projects were still in progress, including the world's first TIL commercial project [1][8] - TIDES business: Revenue reached RMB 3 55 billion in the first three quarters of 2024, with a 196% year-on-year increase in orders [1][9] Order Book and Client Base - As of September 2024, the company's order book reached RMB 43 82 billion, up 35 2% year-on-year excluding COVID-19 commercial projects [1][9] - Revenue from the top 20 global pharmaceutical clients was RMB 11 22 billion in the first three quarters of 2024, up 23 1% year-on-year excluding COVID-19 commercial projects [1][9] Financial Forecasts - Revenue for 2024/2025/2026 is projected to be RMB 39 27/43 96/49 30 billion, with year-on-year growth rates of -2 7%/11 9%/12 1% [2][10] - Net profit attributable to shareholders for 2024/2025/2026 is expected to be RMB 9 44/10 77/12 28 billion, with year-on-year growth rates of -1 71%/14 03%/14 08% [2][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][10]. Core Insights - The company's performance in 2024 is expected to show a revenue growth of 2.70%-8.60% after excluding specific commercial production projects, with a projected revenue range of 383-405 billion yuan [7]. - The company reported a total revenue of 277.02 billion yuan for Q1-Q3 2024, a year-on-year decrease of 6.23%, but a 4.60% increase when excluding specific projects [5]. - The company has a strong order backlog of 438.20 billion yuan as of September 2024, reflecting a 35.20% year-on-year growth [7]. Financial Summary - The company's main revenue for 2024 is projected at 388.67 billion yuan, with a net profit of 94.85 billion yuan, resulting in an EPS of 3.28 yuan [4][8]. - The P/E ratio is expected to decrease from 16.29 in 2024 to 12.83 in 2026, indicating improving valuation metrics [4][8]. - The company achieved a net profit of 66.82 billion yuan for Q1-Q3 2024, down 14.22% year-on-year, with Q3 alone showing a net profit of 22.68 billion yuan, a decrease of 23.08% [5][6]. Business Segment Performance - The chemical business generated 200.94 billion yuan in revenue for Q1-Q3 2024, with a 10.40% increase when excluding specific projects [6]. - TIDES business (oligonucleotides and peptides) revenue grew by 71.00% to 35.50 billion yuan, with expectations for over 60% growth for the full year [6]. - The testing business saw a revenue decline of 4.86% to 46.18 billion yuan, primarily due to reduced industry demand and increased competition [6].

Investment Rating - The report maintains a "Neutral" rating for WuXi AppTec (2359 HK) with a target price raised to HKD 48.00 [3][11]. Core Insights - WuXi AppTec's revenue for the first three quarters of 2024 decreased by 6.2% year-on-year to RMB 27.70 billion, but excluding COVID-19 project revenue, it increased by 4.6% [1]. - The company's net profit attributable to shareholders fell by 19.1% year-on-year to RMB 6.53 billion, with Non-IFRS adjusted net profit down 10.1% to RMB 6.68 billion, although the decline was less severe than in the first half of the year [1]. - The chemical business showed signs of recovery in the third quarter, leading to slightly better-than-expected performance [1]. - The TIDES business revenue surged by 71.0% year-on-year in the first three quarters, driven by increased demand for weight-loss drug development [1]. Financial Summary - Total revenue for 2022 was RMB 39.36 billion, with a projected revenue of RMB 40.13 billion for 2024, and expected growth to RMB 49.35 billion by 2026 [2][8]. - Shareholder net profit for 2022 was RMB 8.81 billion, with a forecast of RMB 9.98 billion for 2024 and RMB 11.94 billion for 2026 [2][8]. - The company’s earnings per share (EPS) is projected to be RMB 3.43 in 2024, increasing to RMB 4.11 by 2026 [2][8]. Revenue Forecasts - The revenue forecast for the chemical business in 2024 has been raised to RMB 29.17 billion, with expectations of double-digit growth in 2025-2026 [1]. - TIDES business revenue is expected to grow by 60% year-on-year to RMB 5.21 billion in 2024, with further increases projected for 2025 and 2026 [1]. Market and Legislative Environment - The U.S. Biologics Bill is unlikely to be legislated within the year, but uncertainties remain as both the House and Senate versions have passed [1].

Investment Rating - Maintains an "Overweight" rating [2][3] - Target price raised to 71.82 RMB (previously 52.96 RMB) [2][3] Core Views - Strong growth in backlog, with TIDES business contributing significantly to future growth [2] - Revenue for 2024 Q1-Q3 was 27.702 billion RMB (-6.23% YoY), with net profit attributable to shareholders at 6.533 billion RMB (-19.11% YoY) [2] - Q3 revenue was 10.461 billion RMB (-1.96% YoY), with net profit attributable to shareholders at 2.293 billion RMB (-17.02% YoY) [2] - EPS forecasts for 2024-2026 adjusted to 3.34/3.78/4.27 RMB, reflecting improved profitability from cost reductions and capacity utilization [2] Business Performance - Chemical business revenue grew 10.4% YoY in 2024 Q1-Q3, excluding COVID-related commercial orders [2] - Testing business revenue declined 4.9% YoY, with clinical CRO and SMO revenue growing 3.4% and 16% respectively [2] - Biology business revenue declined 3.6% YoY, but new molecule types grew 6.0% [2] - High-end therapy CTDMO business revenue declined 17.0% YoY due to early-stage commercialization and project delays [2] - Backlog as of 2024 Q3 reached 43.82 billion RMB, up 35.2% YoY, with revenue from top 20 global pharmaceutical companies at 11.22 billion RMB [2] TIDES Business - TIDES business revenue grew 71.0% YoY in 2024 Q1-Q3, reaching 3.55 billion RMB [2] - Backlog for TIDES business increased 196% YoY, with D&M service customers growing 20% and molecules served growing 22% [2] - Capacity expansion expected, with solid-phase synthesis reactor volume projected to reach 41,000L by end of 2024 [2] Financial Summary - 2024E revenue forecast at 39.459 billion RMB (-2.2% YoY), with net profit attributable to shareholders at 9.638 billion RMB (+0.3% YoY) [8] - 2025E revenue forecast at 44.451 billion RMB (+12.7% YoY), with net profit attributable to shareholders at 10.905 billion RMB (+13.1% YoY) [8] - 2026E revenue forecast at 49.858 billion RMB (+12.2% YoY), with net profit attributable to shareholders at 12.336 billion RMB (+13.1% YoY) [8] - ROE expected to remain stable at around 16.3%-16.4% from 2024E to 2026E [8] Valuation and Market Data - Current price at 52.00 RMB, with a 52-week range of 36.87-90.88 RMB [4] - Market capitalization at 150.176 billion RMB, with 2.888 billion total shares and 2.501 billion A-shares outstanding [4] - P/E ratio for 2024E at 15.58x, with P/B ratio at 2.55x [8] Industry Comparison - Comparable companies include WuXi Biologics (2269 HK) with a 2024E P/E of 18.85x and Pharmaron (300759 SZ) with a 2024E P/E of 30.25x [10] - Average P/E for comparable companies in 2024E is 22.4x [10]

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 ...