浦银国际研究 浦银国际 公司研究 目标价（港元） 56.0 潜在升幅/降幅 +6% 目前股价（港元） 52.8 52 周内股价区间（港元） 27.5-103.6 总市值（百万港元） 167,502 近 3 月日均成交额（百万港元） 441 SPDBI 目标价 ◆ 目前价 ◆市场预期区间 *数据截至 2024 年 10 月 28 日 资料来源：Bloomberg、浦银国际 药明康德 药明康德(603259.CH) 目标价（人民币） 62.0 潜在升幅/降幅 +16% 目前股价（人民币） 53.4 52 周内股价区间（人民币） 36.3-93.6 总市值（百万人民币） 153,659 近 3 月日均成交额(百万人民币) 2,869 （2359.HK/603259.CH） 公司研究 | 医药行业 药明康德（2359.HK/603259.CH）：3Q24 经 调整归母净利略高于预期，维持全年收入 利润指引 公司 3Q24 收入大致符合我们预期，经调整 Non-IFRS 归母净利润略 好于我们预期。公司维持全年收入利润指引不变，上调全年自由现 金流指引，主要系下调资本开支指引。上调港股/A 股目标价至 56 港元/人民 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of WuXi AppTec, with current prices at 53.49 CNY and 53.25 HKD respectively [5]. Core Views - The company reported a revenue of 27.7 billion CNY for the first three quarters of 2024, a year-over-year decrease of 6.2%, and a net profit attributable to shareholders of 6.53 billion CNY, down 19.1% year-over-year, which aligns with expectations [1]. - The conventional business is developing steadily, with a quarter-on-quarter revenue improvement expected. In Q3 2024, the company achieved a revenue of 10.46 billion CNY, a year-over-year decline of 1.96%, and a net profit of 2.29 billion CNY, down 17.02% year-over-year [2]. - The order backlog is growing rapidly, with a total of 43.8 billion CNY in orders as of Q3 2024, a year-over-year increase of 35.2%. The new molecular (TIDES) business saw a significant order increase of 196% [3]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 10.46 billion CNY and a net profit of 2.29 billion CNY, with a notable decline in net profit margins [2]. - The first three quarters of 2024 showed a total revenue of 27.7 billion CNY and a net profit of 6.53 billion CNY, indicating a decrease compared to the previous year [1]. Business Segments - The conventional business is showing resilience, with a 4.6% year-over-year revenue increase when excluding the impact of COVID-19 commercialization projects [2]. - The TIDES business is expected to achieve over 60% revenue growth for the year, with Q3 revenue reaching 3.55 billion CNY, a 71% increase year-over-year [3]. Profitability and Valuation - The report forecasts net profits for 2024-2026 at 9.23 billion CNY, 10.28 billion CNY, and 11.15 billion CNY respectively, with corresponding year-over-year changes of -3.93%, +11.32%, and +8.49% [3]. - The projected P/E ratios for A-shares are 17, 15, and 14 for the years 2024, 2025, and 2026 respectively, while for H-shares, they are 15, 14, and 13 [3].

Investment Rating - The investment rating for WuXi AppTec is maintained at "Buy-A" with a target price of 72.20 CNY per share [6][9]. Core Views - The company reported a revenue of 27.702 billion CNY and a net profit attributable to shareholders of 6.533 billion CNY for the first three quarters of 2024, representing a year-on-year decline of 6.23% and 19.11% respectively [2][3]. - The company is experiencing a recovery in its order backlog, with total orders reaching 43.82 billion CNY as of September 2024, a year-on-year increase of 35.2% [3]. - The TIDES business segment continues to show strong growth, with revenue of 3.55 billion CNY for the first three quarters of 2024, a year-on-year increase of 71.0% [4]. - The small molecule CDMO pipeline is expanding, with revenue of approximately 12.47 billion CNY for the first three quarters of 2024, showing a year-on-year growth of 7.0% when excluding specific commercial production projects [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 27.702 billion CNY and a net profit of 6.533 billion CNY, with respective year-on-year declines of 6.23% and 19.11% [2][3]. - The revenue from the chemical business was 20.094 billion CNY (-5.40%), testing business 4.618 billion CNY (-4.86%), biological business 1.826 billion CNY (-3.64%), high-end therapeutic CTDMO business 0.853 billion CNY (-17.04%), and domestic new drug R&D services 0.290 billion CNY (-41.01%) [2]. Order Backlog and Future Outlook - The company has a robust order backlog, with total orders reaching 43.82 billion CNY as of September 2024, reflecting a 35.2% year-on-year increase [3]. - The TIDES business segment is expected to see annual revenue growth exceeding 60% due to strong order growth and capacity expansion [4]. Business Segments - The TIDES business segment reported a revenue of 3.55 billion CNY for the first three quarters of 2024, with a year-on-year growth of 71.0% [4]. - The small molecule CDMO segment generated approximately 12.47 billion CNY in revenue for the first three quarters of 2024, with a 7.0% year-on-year growth when excluding specific projects [5].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 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10月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 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 | 否 | | | | 證券代號 (如上市) | | 說明 | 於上海證券交易所上市 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | ...

FF305 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10月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 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 | 否 | | | | 證券代號 (如上市) | | 說明 | 於上海證券交易所上市 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | ...

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec (603259.SH) [1][3]. Core Views - WuXi AppTec's revenue for the first three quarters of 2024 was 27.7 billion yuan, a year-on-year decrease of 6.2%, but a 4.6% growth rate when excluding COVID-19 related projects. The net profit attributable to shareholders was 6.53 billion yuan, down 19.1% year-on-year, while adjusted net profit was 7.35 billion yuan, down 10.1% year-on-year. In Q3 alone, revenue reached 10.46 billion yuan, a quarter-on-quarter increase of 13.0% and a non-COVID year-on-year growth of 14.6% [1]. - The company continues to see strong growth in its order backlog, with a total of 43.82 billion yuan in hand orders, representing a year-on-year increase of 35.2%. The demand from innovative projects and new contracts remains robust, particularly in the U.S. and Europe [1]. - WuXi AppTec aims for a revenue target of 38.3 to 40.5 billion yuan for 2024, with a year-on-year growth of 2.7% to 8.6% when excluding COVID-19 projects [1]. Summary by Sections Financial Performance - For Q3 2024, WuXi AppTec reported a revenue of 10.46 billion yuan, with a quarter-on-quarter growth of 13.0% and a year-on-year growth of 14.6% excluding COVID-19 projects. The adjusted net profit for Q3 was 2.97 billion yuan, reflecting a quarter-on-quarter increase of 20.9% [1]. - The company’s revenue for the first three quarters was 27.7 billion yuan, with a net profit of 6.53 billion yuan, down 19.1% year-on-year [1]. Business Segments - The CDMO commercialization projects are performing strongly, with WuXi Chemistry achieving a revenue of 20.09 billion yuan in the first three quarters, a non-COVID growth of 10.4%. The TIDES business saw a revenue increase of 71.0% year-on-year, with a backlog growth of 196% [1]. - WuXi Testing reported a revenue of 4.62 billion yuan, down 4.9% year-on-year, while WuXi Biology's revenue was 1.83 billion yuan, down 3.6% year-on-year [1]. Investment Outlook - The report projects net profits for WuXi AppTec to be 9.316 billion yuan in 2024, 10.508 billion yuan in 2025, and 12.134 billion yuan in 2026, corresponding to PE ratios of 17, 15, and 13 respectively [1][4].

Core Viewpoint - WuXi AppTec (药明康德) reported steady revenue and profit growth in Q3, despite uncertainties in the industry due to proposed U.S. biosafety laws [1][2] Financial Performance - The company achieved a total revenue of 277.02 billion yuan in the first three quarters, with Q3 revenue reaching 104.61 billion yuan, a year-on-year increase of 14.6% after excluding commercial projects [1] - The net profit attributable to shareholders for the first three quarters was 65.33 billion yuan, with an adjusted non-IFRS net profit of 73.64 billion yuan [1] - Free cash flow for the first three quarters reached 55.6 billion yuan, showing a 10.4% year-on-year growth after excluding COVID-19 commercial projects [1] Order Backlog and Client Base - The company's order backlog reached a record high of 438.2 billion yuan by the end of Q3, indicating sustained demand for WuXi AppTec's services despite external uncertainties [1] - The company maintained a large active client base of over 6,000, adding more than 800 new clients in the first three quarters [1] Revenue by Region - Revenue from the U.S. market was 176.2 billion yuan, with a year-on-year growth of 7.6% after excluding COVID-19 commercial projects [2] - Revenue from Europe reached 35.3 billion yuan, showing a year-on-year increase of 14.8% [2] - Revenue from China was 51.6 billion yuan, reflecting a year-on-year decline of 3.9% [2] - Revenue from Japan and other countries was 14 billion yuan, with a year-on-year decline of 16.5% [2] Business Segments - The chemical business segment (WuXi Chemistry) returned to positive year-on-year growth in Q3 after four quarters of decline, with a 26.4% increase after excluding COVID-19 commercial projects [2] - The TIDES business (oligonucleotides and peptides), driven by GLP-1 drugs, reported a revenue of 35.5 billion yuan in the first three quarters, representing a strong year-on-year growth of 71% [2] Future Outlook - The company expects to meet its annual targets, projecting total revenue between 383 billion and 405 billion yuan, free cash flow of 60 billion to 70 billion yuan, and adjusted non-IFRS net profit margins to remain consistent with the previous year [3] - Q4 revenue is anticipated to continue its growth trend [3]

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因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之任何損失承擔任何責任。 WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 海外監管公告 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B條作出。 茲載列本公司在上海證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 李革博士 香港，2024年10月28日 证券代码：603259 证券简称：药明康德 公告编号：临 2024-072 无锡药明康德新药开发股份有限公司 截至本公告日期，本公司董事會包括執行董事李革博士、陳民章博士、胡正國先生、楊青博士及 張朝暉先生；非執行董事童小幪先生及吳亦兵博士；以及獨立非執行董事盧韶華女士、俞衛博士、 張新博士、詹智玲女士及馮岱先生。 * 僅供識別 关于注销 2024 年第三次已回购股份暨股份变动的公告 本公司董事会 ...

2024年第三季度報告 （股份代號：2359） 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，並表明概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 本公告根據香港聯合交易所有限公司證券上市規則第13.09(2)條和第13.10B條及 香港法例第571章《證券及期貨條例》第XIVA部內幕消息條文作出。 下文為無錫藥明康德新藥開發股份有限公司（「本公司」，連同其子公司統稱「我 們」）2024年財政年度第三季度報告（「2024年第三季度報告」），所載財務報告根 據中國企業會計準則或國際會計準則理事會頒佈的國際財務報告準則（「國際 財務報告準則」）（視情況而定）編製且未經審計。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 李革博士 香港，2024年10月28日 於本公告日期，本公司董事會包括執行董事李革博士、陳民章博士、胡正國先生、楊青博士 及張朝暉先生；非執行董事童小幪先生及吳亦 ...

Financial Performance - Revenue for the third quarter was RMB 10.46 billion, a decrease of 1.96% year-over-year[5] - Net profit attributable to shareholders for the third quarter was RMB 2.29 billion, down 17.02% year-over-year[5] - Cumulative revenue for the first three quarters of 2024 was RMB 27.70 billion, a decrease of 6.23% year-over-year[5] - Cumulative net profit attributable to shareholders for the first three quarters was RMB 6.53 billion, down 19.11% year-over-year[5] - Basic earnings per share for the third quarter were RMB 0.80, a decrease of 14.89% year-over-year[5] - Weighted average return on equity (ROE) for the third quarter was 4.12%, down 1.47 percentage points year-over-year[6] - Total revenue for the first three quarters of 2024 reached RMB 277.0 billion, a 4.6% increase excluding specific commercial production projects[10] - Total revenue for the first three quarters of 2024 was RMB 27,702,002,254.76, a decrease of 6.2% compared to RMB 29,541,326,133.58 in the same period of 2023[24] - Net profit for the first three quarters of 2024 was RMB 6,601,611,515.97, a decrease of 19.0% compared to RMB 8,148,647,084.33 in the same period of 2023[24] - Operating profit for the first three quarters of 2024 was RMB 7,890,869,263.36, a decrease of 19.5% compared to RMB 9,807,416,477.55 in the same period of 2023[24] - Comprehensive income for the first three quarters of 2024 reached 6,598,257,681.21 yuan, a decrease from 7,604,711,326.21 yuan in the same period of 2023[25] - Basic earnings per share for the first three quarters of 2024 were 2.25 yuan, down from 2.75 yuan in the same period of 2023[25] - Revenue for the first three quarters of 2024 was 27,702,002 thousand yuan, a decrease from 29,541,326 thousand yuan in the same period of 2023[30] - Gross profit for the first three quarters of 2024 was 11,098,161 thousand yuan, down from 12,071,476 thousand yuan in the same period of 2023[30] - Operating profit for the first three quarters of 2024 was 7,842,527 thousand yuan, compared to 9,988,476 thousand yuan in the same period of 2023[30] - Net profit for the first three quarters of 2024 was 6,601,612 thousand yuan, a decrease from 8,148,647 thousand yuan in the same period of 2023[30] - Net profit attributable to parent company holders in Q3 2024 was RMB 2,293,113 thousand, a decrease from RMB 2,763,287 thousand in Q3 2023[32] - Total comprehensive income for the first nine months of 2024 was RMB 6,598,258 thousand, down from RMB 7,604,712 thousand in the same period of 2023[32] - Adjusted non-IFRS net profit attributable to parent company owners for Q3 2024 was RMB 2,973.5 million, compared to RMB 3,072.4 million in Q3 2023, a decrease of 3.2%[37] - Adjusted non-IFRS net profit attributable to parent company owners for the first three quarters of 2024 was RMB 7,345.7 million, compared to RMB 8,167.1 million in the same period of 2023, a decrease of 10.1%[37] - Net profit attributable to parent company owners for Q3 2024 was RMB 2,293.1 million, a decrease of 17.0% compared to RMB 2,763.3 million in Q3 2023[37] - Net profit attributable to parent company owners for the first three quarters of 2024 was RMB 6,532.9 million, a decrease of 19.1% compared to RMB 8,076.4 million in the same period of 2023[37] Business Segment Performance - Revenue from the chemical business (WuXi Chemistry) for the first three quarters was RMB 20.09 billion, down 5.40% year-over-year[8] - Revenue from the testing business (WuXi Testing) for the first three quarters was RMB 4.62 billion, down 4.86% year-over-year[8] - WuXi Biology revenue decreased by 3.64% to RMB 182,594.01 million in Q3 2024[9] - WuXi ATU revenue declined by 17.04% to RMB 85,303.65 million in Q3 2024[9] - WuXi DDSU revenue dropped by 41.01% to RMB 28,970.17 million in Q3 2024[9] - Revenue from global top 20 pharmaceutical companies reached RMB 11.22 billion, up 23.1% excluding specific commercial production projects[10] - TIDES business revenue surged 71.0% to RMB 3.55 billion in the first three quarters of 2024[11] - Small molecule D&M business revenue grew 7.0% to RMB 12.47 billion excluding specific commercial production projects[11] - Clinical CRO and SMO business revenue increased by 3.4% to RMB 1.36 billion in the first three quarters of 2024[13] - Biology business revenue reached RMB 1.83 billion, with new molecule-related business growing 6.0%[13] - CTDMO business revenue was RMB 850 million, impacted by project delays and new order shortages[14] Financial Position - Total assets as of the end of the third quarter were RMB 74.24 billion, an increase of 0.77% compared to the end of the previous year[6] - Total assets as of September 30, 2024, were RMB 74,238,239,875.23, an increase of 0.8% compared to RMB 73,669,349,307.12 at the end of 2023[21] - Total liabilities as of September 30, 2024, were RMB 18,654,997,773.24, an increase of 2.8% compared to RMB 18,151,903,894.38 at the end of 2023[22] - Cash and cash equivalents as of September 30, 2024, were RMB 14,051,541,214.47, an increase of 2.1% compared to RMB 13,764,058,665.13 at the end of 2023[21] - Accounts receivable as of September 30, 2024, were RMB 8,014,543,781.69, an increase of 1.4% compared to RMB 7,901,380,298.53 at the end of 2023[21] - Inventory as of September 30, 2024, was RMB 5,347,792,758.02, an increase of 12.9% compared to RMB 4,736,229,956.28 at the end of 2023[21] - Total equity attributable to owners of the parent company as of September 30, 2024, was RMB 55,173,547,660.38, an increase of 0.1% compared to RMB 55,122,453,910.73 at the end of 2023[22] - Property, plant, and equipment increased to RMB 26,006,848 thousand as of September 30, 2024, compared to RMB 25,844,429 thousand at the end of 2023[33] - Total assets as of September 30, 2024, were RMB 74,238,240 thousand, up from RMB 73,669,349 thousand at the end of 2023[33] - Total liabilities as of September 30, 2024, were RMB 18,654,998 thousand, up from RMB 18,151,904 thousand at the end of 2023[34] - Cash and cash equivalents at the end of September 2024 were RMB 9,271,603 thousand, down from RMB 10,001,039 thousand at the end of 2023[33] Cash Flow - Net cash flow from operating activities for the first three quarters of 2024 was 8,379,092,385.15 yuan, compared to 10,316,787,859.57 yuan in the same period of 2023[27] - Net cash flow from investing activities for the first three quarters of 2024 was -3,194,216,873.13 yuan, an improvement from -5,781,965,276.30 yuan in the same period of 2023[27] - Net cash flow from financing activities for the first three quarters of 2024 was -5,904,884,477.90 yuan, compared to -3,303,987,419.68 yuan in the same period of 2023[29] - Net cash generated from operating activities for the first nine months of 2024 was RMB 8,052,215 thousand, a decrease from RMB 9,847,742 thousand in the same period of 2023[35] - Net cash used in investing activities for the first nine months of 2024 was RMB 2,866,621 thousand, compared to RMB 5,316,765 thousand in the same period of 2023[35] - Net cash used in financing activities for the first nine months of 2024 was RMB 5,905,603 thousand, an increase from RMB 3,300,141 thousand in the same period of 2023[36] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 385,041[17] - HKSCC NOMINEES LIMITED holds 387,025,502 shares, representing 13.2910% of the total shares[17] - Hong Kong Securities Clearing Company Limited holds 143,295,973 shares, representing 4.9210% of the total shares[17] - G&C VI Limited holds 143,015,795 shares, representing 4.9114% of the total shares[17] - G&C IV Hong Kong Limited holds 104,626,051 shares, representing 3.5930% of the total shares[17] - Beijing Zhongmin Yinfu Investment Management Co., Ltd. holds 87,074,568 shares, representing 2.9903% of the total shares[17] - G&C V Limited holds 73,105,843 shares, representing 2.5106% of the total shares[17] - China Industrial and Commercial Bank Co., Ltd. holds 63,865,186 shares, representing 2.1932% of the total shares[17] - SUMMER BLOOM INVESTMENTS (I) PTE. LTD. holds 60,597,907 shares, representing 2.0810% of the total shares[17] - China Bank Co., Ltd. holds 57,123,648 shares, representing 1.9617% of the total shares[17] Expenses and Other Financial Metrics - Research and development expenses for the first three quarters of 2024 were RMB 954,042,826.94, a decrease of 7.0% compared to RMB 1,025,811,070.87 in the same period of 2023[24] - Equity incentive expenses for Q3 2024 were RMB 79.4 million, a decrease of 49.2% compared to RMB 156.2 million in Q3 2023[37] - Equity incentive expenses for the first three quarters of 2024 were RMB 244.4 million, a decrease of 49.1% compared to RMB 480.6 million in the same period of 2023[37] - Exchange rate fluctuation-related losses for Q3 2024 were RMB 629.8 million, compared to a gain of RMB 18.3 million in Q3 2023[37] - Exchange rate fluctuation-related losses for the first three quarters of 2024 were RMB 658.7 million, compared to a gain of RMB 354.8 million in the same period of 2023[37] - Amortization of intangible assets from acquisitions for Q3 2024 was RMB 13.3 million, a decrease of 10.1% compared to RMB 14.8 million in Q3 2023[37] - Amortization of intangible assets from acquisitions for the first three quarters of 2024 was RMB 40.3 million, a decrease of 6.9% compared to RMB 43.3 million in the same period of 2023[37]