Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of WuXi AppTec, with current prices at 40.69 CNY and 29.85 HKD respectively [3][4]. Core Views - The company reported a revenue of 17.24 billion CNY for the first half of 2024, a year-over-year decline of 8.6%, and a net profit attributable to shareholders of 4.24 billion CNY, down 20.2% year-over-year [1]. - The decline in net profit is attributed to a decrease in revenue and a significant drop in investment income and fair value changes compared to the same period last year [1]. - Despite the year-over-year decline, the company showed a quarter-over-quarter improvement in Q2 2024, with revenue increasing by 16.0% and net profit attributable to shareholders rising by 17.0% [1]. - The gross margin improved from 38.13% in Q1 2024 to 40.43% in Q2 2024, indicating enhanced operational efficiency [1]. Summary by Sections Revenue and Profitability - For H1 2024, the company achieved a revenue of 172.4 billion CNY, with a net profit of 42.4 billion CNY and a non-recurring net profit of 44.1 billion CNY [1]. - Q2 2024 revenue was 92.6 billion CNY, with a net profit of 22.98 billion CNY and a non-recurring net profit of 23.80 billion CNY [1]. Order Backlog and New Business - The order backlog reached 43.1 billion CNY as of H1 2024, with a strong year-over-year growth of 33.2% when excluding COVID-19 commercialization projects [1]. - New molecular business orders grew by 147% year-over-year, reflecting strong demand in this area [1]. Business Segment Performance - The chemical business generated 12.21 billion CNY in revenue, down 9.3% year-over-year, but showed a 2.1% increase when excluding COVID-19 projects [2]. - The testing business reported revenue of 3.02 billion CNY, with laboratory analysis and testing down 5.4% to 2.12 billion CNY, while clinical CRO and SMO business grew by 5.8% to 0.89 billion CNY [2]. - The biological business saw a revenue decline of 5.2% to 1.17 billion CNY, and WuXi ATU's revenue fell by 19.4% to 0.57 billion CNY [2]. Financial Forecasts - The net profit forecasts for 2024-2026 have been revised down to 9.23 billion CNY, 10.28 billion CNY, and 11.15 billion CNY, reflecting decreases of 15.7%, 19.5%, and 22.6% respectively [2]. - The corresponding P/E ratios for A-shares are projected at 13, 12, and 11 times, while for H-shares they are 9, 8, and 7 times [2].

2024 年 07 月 30 日 评级 买入 | --- | --- | |---------------------|-------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 40.69 | | 52 周价格区间（元） | 36.87-90.88 | | 总市值（百万） | 113291.44 | | 流通市值（百万） | 102736.19 | | 总股本（万股） | 291192.80 | | 流通股（万股） | 291192.80 | 涨跌幅比较 药明康德 医疗服务 -46% -26% -6% 14% 34% 54% 2023-07 2023-10 2024-01 2024-04 2024-07 % 1M 3M 12M 药明康德 3.83 -6.63 -40.42 医疗服务 0.27 -16.23 -43.34 吴号 分析师 执业证书编号: S0530522050003 wuhao58@hnchasing.com 相关报告 1 药明康德（603259.SH）2023 年年报点评：业 绩表现符合预期，在手订单增长良好 2024-03-19 2 药明康德（603259. ...

浦银国际研究 公司研究 | 医药行业 药明康德（2359.HK/603259.CH）：2Q24 经 调整归母净利略高于预期，维持全年指引 药明康德 2Q24 收入大致符合市场预期，经调整 Non-IFRS 归母净利润 略高于市场预期。公司维持全年指引不变。维持港股和 A 股目标价。 2Q24 收入大致符合市场预期，略高于我们预期；经调整 Non-IFRS 归母净利润均略高于市场和我们预期：公司 2Q24 实现收入 92.6 亿 元（-6.5% YoY, +16% QoQ），大致符合 Visible Alpha 一致预期，略高 于我们预期，主要由于 Wuxi Chemistry 略好于我们预期；经调整 Non-IFRS 归母净利润 24.6 亿元（-10.7% YoY, +28.5% QoQ），略高于 Visible Alpha 一致预期和我们预期。2Q24 毛利率为 39.9% (-0.8 ppts YoY, +2.3 ppts QoQ），经调整 Non-IFRS 归母净利率为 26.6% (-1.2 ppts YoY, +2.6 ppts QoQ)，均较 1Q24 微升。二季度末公司在手订单为 431 亿元 ...

证券研究报告 非金融公司|公司点评|药明康德（603259） 在手订单亮眼，TIDES 业务快速发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月31日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年实现收入 172.4 亿元，同比下滑 8.6%，剔除特定商 业化项目后同比下滑 0.7%；实现归母净利润 42.4 亿元，同比下滑 20.2%；实现扣非后归母净 利润 44.1 亿元，同比下滑 8.3%。截至 2024 年 6 月底，公司拥有在手订单 431.0 亿元，剔除 特定商业化项目后同比增长 33.2%。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年07月31日 药明康德(603259) 在手订单亮眼，TIDES 业务快速发展 | --- | --- | |------------|-------------------| | 行 业： | 医药生物/医疗服务 | | 投资评级： | 买入（维持） | | 当前价格： | 42.5 ...

会议要点 1、经营业绩与财务数据 ∙ 公司2024年上半年实现收入172.4亿元，同比下 降68.6%，但剔除新冠商业化项目后同比下降仅 为0.7%。经调整的IFRS净利润为43.7亿元，同比 下降14.2%。第二季度收入达到92.6亿元，环比 第一季度增长16%，经调整的EBITDA规模净利润 达到24.6亿元，环比增长28.5%。 ∙ 公司上半年经调整NIFS毛利实现68.7亿元人民 币，经调整NIFS毛利率达到了39.8%。其中第二 季度经调整毛利率为40.8%，环比第一季度提升 了2.1个百分点。上半年经调整的R&D净利润实 现43.7亿元，对应经调整NIFS净利率为25.4%。 其中第二季度经调整净利润率为26.6%，环比提 升了2.6个百分点。上半年归母净利润实现了42.4 亿元，扣非归母净利润实现了44.1亿元。 2、订单与客户关系 ∙ 截至2024年上半年，公司在手订单达到历史新 高的431亿元，基础商业化项目后在手订单同比 增长33.2%。上半年来自于全球前20da制药企业 客户的收入为65.9亿元，剔除新冠商业化项目后 同比增长11.9%。 ∙ 公司上半年新增全球客户超过500家，小分子 ...

[ T able_StockInfo] 2024 年 07 月 30 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：40.69 元 药明康德（603259）医药生物 目标价：——元（6 个月） Q2 收入利润环比改善，在手订单增长稳健 [Table_Summary 事件：公司发布] 2024年半年报，2024年半年度实现收入 172.4亿元，同比下滑 8.6%，实现归母净利润 42.4亿元，同比下滑 20.2%，经调整 Non-IFRS 归母净 利润 43.7 亿元，同比下滑 14.2%。 2024H1 业绩符合预期，剔除新冠项目后实现稳健增长。2024H1 公司业绩平稳 增长，其中剔除新冠商业化项目后收入同比下滑 0.7%；在原有活跃客户 6000+ 基础上新增客户 500+，在手订单 431亿元，剔除新冠商业化项目后+33.2%；全 球 Top20药企客户贡献收入 65.9亿元，剔除新冠商业化项目后+11.9%；小分子 D&M 管线持续扩张，2024H1 新增分子644 个，目前管线分子共 3319 个。 2024Q2收入、利润环比改善，一体化赋能平台持续驱动业务增长。公司持续强 化 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The company has shown a steady growth in its order backlog, with a total of 431 billion in hand orders as of June 2024, representing a year-on-year increase of 33.2% when excluding COVID-19 commercialization projects [1]. - The company is expected to maintain its profitability forecasts, with projected net profits for 2024-2026 at 10.401 billion, 11.297 billion, and 12.858 billion respectively, and corresponding EPS of 3.57, 3.88, and 4.42 [1][5]. - The current stock price corresponds to a PE ratio of 11.4, 10.5, and 9.2 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [1][5]. Financial Performance Summary - In H1 2024, the company achieved revenue of 17.24 billion, a year-on-year decline of 8.6%, but only a 0.7% decline when excluding COVID-19 projects [1]. - The net profit attributable to the parent company for H1 2024 was 4.24 billion, down 20.2% year-on-year, while the adjusted Non-IFRS net profit was 4.37 billion, down 14.2% [1]. - For Q2 2024, the company reported revenue of 9.26 billion, a year-on-year decline of 6.6% but a quarter-on-quarter increase of 16.0% [1]. Business Segment Performance - The chemical business generated revenue of 12.21 billion in H1 2024, down 9.3% year-on-year, but grew by 2.1% when excluding COVID-19 projects [3]. - The TIDES business saw significant growth, with revenue of 2.08 billion in H1 2024, up 57.2% year-on-year, and a backlog increase of 147% [3]. - Clinical business revenue was 3.02 billion in H1 2024, down 2.4% year-on-year, but the SMO business grew by 20.4% [4].

Investment Rating - The investment rating for WuXi AppTec (603259.SH) is "Buy" (maintained) [2] Core Views - The company has shown steady growth in backlog orders, with a significant increase in TIDES business [1] - Despite a decline in revenue and net profit for H1 2024, the company is expected to maintain its long-term growth trajectory [1] - The forecast for net profit from 2024 to 2026 is projected at 10.401 billion, 11.297 billion, and 12.858 billion yuan respectively, with corresponding EPS of 3.57, 3.88, and 4.42 yuan [1] Financial Performance Summary - For H1 2024, the company achieved revenue of 17.24 billion yuan, a year-on-year decline of 8.6%, but a decrease of only 0.7% when excluding COVID-19 commercialization projects [1] - The net profit attributable to shareholders was 4.24 billion yuan, down 20.2% year-on-year, while the adjusted Non-IFRS net profit was 4.37 billion yuan, down 14.2% [1] - In Q2 2024, revenue was 9.26 billion yuan, a year-on-year decline of 6.6% but a quarter-on-quarter increase of 16.0% [1] - The backlog as of June 2024 was 43.1 billion yuan, with a year-on-year growth of 33.2% when excluding COVID-19 projects [1] Business Segment Performance - The chemical business generated revenue of 12.21 billion yuan in H1 2024, a year-on-year decline of 9.3%, but a 2.1% increase when excluding COVID-19 projects [3] - The TIDES business saw revenue of 2.08 billion yuan in H1 2024, representing a year-on-year growth of 57.2%, with backlog orders increasing by 147% [3] - Clinical testing business revenue was 3.02 billion yuan in H1 2024, down 2.4% year-on-year, while the SMO business grew by 20.4% [4]

31 Jul 2024 CMB International Global Markets | Equity Research | Company Update WuXi AppTec (603259 CH) Impressive order growth despite geopolitical uncertainties WuXi AppTec reported 1H24 revenue of RMB17.24bn, down 8.6% YoY, attributable recurring net profit of RMB4.41bn, down 8.3% YoY, and attributable adjusted non-IFRS net profit of RMB4.37bn, down 14.2% YoY. 1H24 revenue / attributable adjusted non-IFRS net income accounted for 45.3%/ 46.0% of our 2024 full-year estimates and 43.8%/ 44.7% of Bloomberg ...

2024 年 7 月 31 日 CMB 国际全球市场 | 股票研究 | 公司更新 药明康德 （ 603259 CH ） 尽管地缘政治 ， 但令人印象深刻的订单增长 不确定性 (上一个 TP RMB54.27 RMB53.23) 33.4% 药明康德公布 1H24 营收 172.4 亿元人民币 ， 同比下降 8.6% ， 归属经常性净利润 441 亿元 ， 同比下降 8.3% ， 归属 调整后的非国际财务报告准则净利润 43.7 亿元人民币 ， 同比下降 14.2% 。 1H24 收入 / 可归属调整后的非国际财务报告准则净收入占我们的 45.3% / 46.0% 2024 年全年预估和彭博社共识的 43.8% / 44.7% ， 均为 这在很大程度上符合其历史范围。非 COVID D & M 收入 (在化学部分) 经历了 2.7% 的同比小幅下降 1H24 ， 继 1H23 年基数相对较高之后。值得注意的是 ， 药明康德的积压、 不包括 COVID - 19 商业项目 ， 上半年同比增长 33.2% ， 表明在地缘政治不确定性中客户需求强劲。管理层有 重申其 2024 年 38.3 - 405 亿元人民币的收 ...