Investment Rating - The investment rating for WuXi AppTec (603259) is "Buy" and is maintained [6][7]. Core Views - The company reported a revenue of 17.241 billion yuan for the first half of 2024, a year-on-year decrease of 8.6%, but excluding COVID-19 related revenue, the decline was only 0.7%. 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, a decrease of 14.2% [6][7]. - The company maintains its full-year guidance despite external uncertainties, expecting revenue to reach between 38.3 billion and 40.5 billion yuan, with positive growth anticipated when excluding COVID-19 related projects [7]. Summary by Sections Market Data - Closing price: 40.69 yuan - One-year high/low: 93.56/36.36 yuan - Market capitalization: 102,736 million yuan - Price-to-book ratio: 2.2 - Dividend yield: 2.43% [2]. Financial Data - As of June 30, 2024, the net asset per share was 18.79 yuan, and the debt-to-asset ratio was 25.95% [3]. - Total shares: 2,912 million, with 2,525 million circulating A shares [3]. Performance Highlights - The TIDES segment showed strong growth, with revenue reaching 2.08 billion yuan, a 57.2% increase year-on-year, and a 147% increase in orders [7]. - The Chemistry segment's revenue was 12.21 billion yuan, down 9.3%, but excluding COVID-19 revenue, it grew by 2.1% [7]. - The Testing segment's revenue was 3.02 billion yuan, down 2.4%, while the Clinical CRO and SMO business grew by 5.8% [7]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 10.0 billion, 10.614 billion, and 11.482 billion yuan, respectively, with corresponding PE ratios of 12, 11, and 10 [7][8].

药明康德（603259.SH）/医药生物 证券研究报告/公司点评 2024 年 07 月 30 日 [Table_Industry] [Table_Title] 评级：买入(维持) [Table_Finance] 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | |------------------------------|------------------------------|----------------|---------------|----------------|-----------------|----------------| | 市场价格：39.00 元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：祝嘉琦 | 营业收入（百万元） | 39354.78 | 40340.81 | 39403.85 | 43631.07 | 49615.55 | | 执业证书编号：S0740519040001 | 增长率 yoy% 净利润（百万元） | 71.84% 8813.71 ...

Summary of WuXi AppTec Conference Call Company Overview - **Company**: WuXi AppTec - **Date**: July 31, 2024 - **Key Executives**: Hu Zhengguo (Vice Chairman and Global Chief Investment Officer) Financial Performance - **Total Revenue**: 17.24 billion RMB, a year-on-year decrease of 68.6%, but only a 0.7% decline when excluding non-COVID commercialization projects [3][4] - **Adjusted Net Profit**: 4.37 billion RMB, down 14.2% year-on-year [3] - **Gross Margin**: Expected to remain stable or improve compared to the previous year [4] - **Net Profit Margin**: Adjusted net profit margin at 25.4% [7] Revenue Breakdown - **Regional Performance**: - Revenue in the U.S. decreased by 11.2% - Revenue in Suzhou and Central regions increased by 5.3% and 2%, respectively [4] - **Active Clients**: Over 6,000 active clients, with a significant increase in projects [5] - **Order Backlog**: Historical high of 43.1 billion RMB in backlog orders, with revenue from the top 20 global pharmaceutical companies increasing by 11.9% [5] Business Segments - **Small Molecule R&D and Manufacturing (CDMO)**: Revenue reached 7.39 billion RMB, showing a decrease from a strong growth base of over 50% last year [6] - **Testing and Biology Services**: - Testing revenue: 3.02 billion RMB, down 2.4% - Clinical CRO/SMO revenue: 890 million RMB, up 5.8% - Daao Biotechnology revenue: 1.14 billion RMB, down 5.2% [6] Market Dynamics - **Impact of Legislation**: The company is monitoring U.S. biosecurity legislation, which has created uncertainty for clients and affected order volumes [8][9] - **Price Strategy**: Dynamic pricing strategies are in place to address market competition, especially in domestic markets [10] Growth Drivers - **New Projects**: 644 new projects added in the small molecule DNA pipeline, totaling 3,319 projects [5] - **Chemical Business Growth**: New molecular business grew by 147%, indicating strong market demand despite price pressures [10] - **Future Capacity Expansion**: Plans to increase capacity in peptide drug production to meet global demand [15] Operational Efficiency - **Employee Count**: Reduction in employee numbers due to organizational optimization, with an expected increase in the Taizhou business segment [10] - **Cost Management**: Strategies to maintain net profit margins include market promotion, resource optimization, and cost reduction [10] Future Outlook - **Order Growth**: Anticipated growth in orders, with a focus on maintaining a strong pipeline and addressing potential risks [16] - **Capital Expenditure**: Plans to increase CDMO capital expenditure by 50% by 2025, despite market uncertainties [13] Conclusion WuXi AppTec demonstrated resilience in its financial performance amidst external challenges, with a diversified revenue structure and a strong order backlog. The company is focused on expanding its capabilities and addressing market demands while navigating legislative uncertainties.

● 故美洋集-洋林(文林) | --- | |------------| | 技术教育 | | 状食价(无) | | | 等庭冲炎产(无)18.79 必聚本(化酸)29.12 蒸逝 12 月市场表现 茶丈 水 SAC 证书简予：S0160517100001 zhangwenlu@ctsec.com • 相关报告 1.《业绩符合预期,24 午级特稳健增长》 2024-03-21 2. 《妆入增长稳健，利润减表现优于找 入流》 2023-11-01 3. 《Q2 制除新经收入增长至劲，利润 及現金流持续改革》 2023-08-01 . � 苏明康德(603259)/ 医疗服务 / 公司总计 / 2024.07.30 在手订单增速報快 . 重业绩相对 ■ 证券好文报告 2019年 • 事件：24H1 失现警戒 172.41 亿元 (-8.64%)，曾非非利润 42.40 亿元 (-20.20%)，经 调娄 Non-IFRS 甘亭本村河 43.7 亿元 (-14.2%)；单 Q2 实现营收 92.59 亿元 (-6.55%). 均享 22.98 亿元（-26.94%） 经调梦 Non-IFRS 均享冷利润为 24.6 ...

Investment Rating - The investment rating for WuXi AppTec (603259) is maintained at a "Buy" level, indicating a positive outlook for the stock relative to the benchmark index [1]. Core Insights - The company reported a revenue of RMB 17.241 billion for H1 2024, a decrease of 8.64% year-on-year, with a net profit attributable to shareholders of RMB 4.240 billion, down 20.2% year-on-year [1]. - Despite external uncertainties, the company maintains its annual guidance, expecting revenue to reach between RMB 38.3 billion and RMB 40.5 billion for 2024, with a projected growth rate of 2.7% to 8.6% after excluding specific commercial production projects [2][3]. Financial Performance Summary - For H1 2024, the company achieved a comprehensive gross margin of 39.37%, a decrease of 1.1 percentage points, and a net profit margin of 24.59%, down 3.6 percentage points [2]. - The revenue breakdown for the first half of 2024 includes: - Chemistry: RMB 12.21 billion, down 9.34% (2.1% growth excluding COVID-related business) - TIDES (peptides and oligonucleotides): RMB 2.08 billion, up 57.2% - Testing: RMB 3.02 billion, down 2.35% - Biology: RMB 1.17 billion, down 5.17% - ATU: RMB 570 million, down 19.43% - DDSU: RMB 260 million, down 24.80% [2]. Earnings Forecast - The projected revenues for 2024-2026 are RMB 39.516 billion, RMB 41.884 billion, and RMB 44.557 billion, with year-on-year growth rates of -2.0%, 6.0%, and 6.4% respectively [3]. - The net profit attributable to shareholders is forecasted to be RMB 9.351 billion, RMB 10.324 billion, and RMB 11.093 billion for the same period, with corresponding growth rates of -2.7%, 10.4%, and 7.5% [3].

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec [2][3] Core Views - WuXi AppTec's revenue for the first half of 2024 was 17.24 billion yuan, a year-on-year decrease of 8.6%, with a net profit attributable to shareholders of 4.24 billion yuan, down 20.2% [1] - The company has seen a significant increase in orders, with a total of 43.1 billion yuan in hand orders, representing a year-on-year growth of 33.2% when excluding COVID-19 projects [1] - The report highlights a continued demand for integrated services, with the company maintaining its revenue guidance for 2024 at 38.3-40.5 billion yuan, reflecting a year-on-year growth of 2.7%-8.6% when excluding COVID-19 projects [1] Summary by Sections Financial Performance - In Q2 2024, WuXi AppTec achieved revenue of 9.26 billion yuan, a quarter-on-quarter increase of 16.0%, with adjusted net profit of 2.46 billion yuan, up 28.5% [1] - The company reported a non-COVID revenue growth of approximately 0.3% in Q2 [1] Business Segments - The R&D segment saw revenue of 12.21 billion yuan, with a non-COVID growth rate of 2.1% [2] - The TIDES business experienced rapid growth, achieving revenue of 2.08 billion yuan, a year-on-year increase of 57.2%, with hand orders up 147% [2] - The testing and biology segments faced challenges, with WuXi Testing revenue at 3.02 billion yuan, down 2.4%, and WuXi Biology revenue at 1.17 billion yuan, down 5.2% [2] Future Projections - The report forecasts net profits for WuXi AppTec of 9.40 billion yuan in 2024, 10.65 billion yuan in 2025, and 12.17 billion yuan in 2026, with corresponding PE ratios of 12, 11, and 9 [3]

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (603259.SH) [1] Core Views - The company reported a revenue of 17.241 billion RMB for the first half of 2024, a year-over-year decrease of 8.64%, and a net profit attributable to shareholders of 4.24 billion RMB, down 20.20% year-over-year. However, the second quarter showed a revenue of 9.26 billion RMB, reflecting a quarter-over-quarter growth of 15.9% and a net profit of 2.29 billion RMB, up 18.3% quarter-over-quarter [1][2] - The company has maintained a robust client base with over 6,000 active clients and added more than 500 new clients during the reporting period. As of June 30, 2024, the company had an order backlog of 43.1 billion RMB, which represents a year-over-year growth of 33.2% when excluding specific commercial production projects [2] - The integrated CRDMO (Contract Research, Development, and Manufacturing Organization) business model has shown collaborative growth across multiple business segments, with notable revenue increases in various divisions, particularly the TIDES business, which saw a 57.2% year-over-year growth [2] Summary by Sections Performance Overview - For the first half of 2024, the company achieved a revenue of 17.241 billion RMB, a decrease of 8.64% year-over-year, and a net profit of 4.24 billion RMB, down 20.20% year-over-year. The basic earnings per share were 1.46 RMB, with a weighted average return on equity (ROE) of 7.62%. In the second quarter, revenue was 9.26 billion RMB, reflecting a quarter-over-quarter increase of 15.9%, and net profit was 2.29 billion RMB, up 18.3% quarter-over-quarter [1] Business Analysis - The company has successfully maintained a client base of over 6,000 active clients while adding more than 500 new clients. The order backlog as of June 30, 2024, stood at 43.1 billion RMB, with a year-over-year growth of 33.2% when excluding specific commercial production projects. The WuXi Chemistry segment generated 12.21 billion RMB in revenue, a 2.1% year-over-year increase when excluding COVID-19 commercial projects. The TIDES business experienced a strong revenue growth of 57.2% year-over-year, with a backlog increase of 147% [2] Profit Forecast and Valuation - The report forecasts the company's net profit attributable to shareholders for 2024, 2025, and 2026 to be 9.7 billion RMB, 10.8 billion RMB, and 12.5 billion RMB, respectively, corresponding to price-to-earnings (PE) ratios of 16, 15, and 13 times [3]

1 药明康德 2024年上半年业绩 2024年7月30日 603259.SH / 2359.HK 前瞻性陈述 本演示材料有若干前瞻性陈述，该等前瞻性陈述并非历史事实，乃基于本公司的信念、管理层所作出的假设以及现时所掌握的资料而对未来事件做出的预测。尽管本 公司相信所做的预测合理，但是基于未来事件固有的不确定性，前瞻性陈述最终或变得不正确。前瞻性陈述受到以下相关风险的影响，其中包括本公司所提供的服务 的有效竞争力、能够符合扩展服务的时间表、保障客户知识产权的能力、行业竞争、国际政策变动、紧急情况及不可抗力的影响。因此，阁下应注意，依赖任何前瞻 性陈述涉及已知及未知的风险。本演示材料载有的所有前瞻性陈述需参照本部分所列的提示声明。本演示材料所载的所有信息仅以截至本演示材料做出当日为准，且 仅基于当日的假设，除法律有所规定外，本公司概不承担义务对该等前瞻性陈述更新。 Non-IFRS 财务计量 为补充本公司按照国际财务报告准则呈列的综合财务报表，本公司提供non-IFRS毛利和non-IFRS归属于上市公司股东的净利润(不包括股权激励费用、可转股债券发 行成本、可转股债券衍生金融工具部分的公允价值变动损益、汇兑波动 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 07 月 29 日 药明康德(603259.SH) 998345899 公司快报 2024H1 公司持续稳健经营，利润环比 稳步提升 事件： 2024 年 7 月 29 日公司发布了 2024 年半年度报告，2024H1 公司分别 实现营收和扣非后归母净利润 172.41 亿元和 44.14 亿元，分别同比 下降 8.64%和 8.33%。 公司在手订单充足，2024Q2 利润环比稳步提升： 收入方面，2024H1 公司实现营收 172.41 亿元，同比下降 8.64%。其 中，化学业务、测试业务、生物学业务、高端治疗 CTDMO 业务分别实 现营收 122.10 亿元（-9.34%）、30.18 亿元（-2.35%）、11.69 亿元（- 5.17%）、5.75 亿元（-19.43%）。根据公司公告，预计 2024 年公司收 入达 383-405 亿元，剔除特定商业化项目后保持 2.7%-8.6%正增长。 利润方面，2024H1 公司实现归母净利润 42.40 亿元，其中 2024Q2 实 现归母净利润 22.98 亿元，环比增长 18.3 ...

Financial Performance - The company reported a revenue of RMB 17,240.9 million for the six months ended June 30, 2024, representing a decrease of 8.6% compared to RMB 18,871.3 million in the same period of 2023[2]. - Gross profit for the same period was RMB 6,700.9 million, down 11.3% from RMB 7,555.7 million, resulting in a gross margin of 38.9%[2]. - Net profit attributable to shareholders was RMB 4,239.8 million, a decline of 20.2% from RMB 5,313.1 million, with a net profit margin of 24.6%[2]. - Operating profit decreased to RMB 5,066,848 thousand, a decline of 22.83% from RMB 6,565,058 thousand in the previous year[87]. - The net profit for the period was RMB 4,280,846 thousand, down 20.06% from RMB 5,356,896 thousand in 2023[87]. - Adjusted EBITDA for the six months ended June 30, 2024, was RMB 6,734.9 million, a decrease from RMB 7,458.1 million for the same period in 2023, reflecting a margin of 39.1% compared to 39.5%[25]. - The company reported a pre-tax profit of RMB 5,049.6 million for the six months ended June 30, 2024, down from RMB 6,395.2 million in the same period of 2023[25]. - The total comprehensive income for the period was RMB 4,295,580 thousand, a decrease from RMB 4,843,228 thousand in 2023[88]. Revenue Breakdown - Revenue from the top 20 global pharmaceutical companies amounted to RMB 6,590 million, with an 11.9% increase when excluding COVID-19 commercialization projects[5]. - The WuXi Chemistry segment generated revenue of RMB 12,209.9 million, a decrease of 9.3% from RMB 13,467.2 million[6]. - The WuXi Testing segment reported revenue of RMB 3,018.4 million, down 2.4% from RMB 3,091.0 million[6]. - The WuXi Biology segment generated revenue of RMB 1,168.9 million, a decrease of 5.2% from RMB 1,232.6 million[6]. - Revenue from the high-end CTDMO business was RMB 570 million, which fell short of expectations due to early-stage commercialization, project delays, and insufficient new orders[10]. - Revenue from WuXi Testing was RMB 3,018,356 thousand, slightly down from RMB 3,091,000 thousand, a decrease of 2.36%[101]. - Revenue from WuXi Biology was RMB 1,168,910 thousand, down from RMB 1,232,635 thousand, reflecting a decline of 5.19%[101]. - Revenue from the United States was RMB 10,711,857 thousand, down from RMB 12,355,501 thousand, indicating a decline of 13.29%[98]. Customer Base and Market Position - The company maintained a customer base of over 6,000 and added more than 500 new clients, with total orders on hand reaching RMB 43.1 billion, a year-on-year increase of 33.2% excluding COVID-19 commercialization projects[5]. - The company has a large, loyal, and expanding customer base, covering all of the top 20 global pharmaceutical companies, with a steady increase in both new and existing customers[44]. - The company is actively involved in the development of new technologies, including PROTAC (targeted protein degradation technology)[125]. Financial Health and Liabilities - Total liabilities as of June 30, 2024, were RMB 19,302.6 million, an increase from RMB 18,151.9 million as of December 31, 2023[19]. - The company’s asset-liability ratio increased to 25.9% as of June 30, 2024, compared to 24.6% as of December 31, 2023, due to increased bank borrowings[22]. - The company reported a significant increase in inventory, rising to RMB 3,291,610 thousand from RMB 2,886,094 thousand, which is an increase of about 14.06%[89]. - The company's equity attributable to shareholders decreased to RMB 54,713,937 thousand from RMB 55,122,454 thousand, a decline of approximately 0.74%[90]. - The company’s total liabilities related to derivative financial instruments amounted to RMB 659,741 thousand as of June 30, 2024, compared to RMB 501,871 thousand as of December 31, 2023, indicating an increase of approximately 31.39%[117]. Investments and Acquisitions - The fair value of the company's investment in Genesis Medtech Group Limited is RMB 1,642.5 million, accounting for 2.2% of total assets[33]. - The total investment in joint ventures and associates during the reporting period amounted to RMB 12.2 million, aimed at enhancing synergies and expanding the customer base[30]. - The company has established a joint venture to promote the development of the healthcare ecosystem, focusing on strategic long-term investments and cutting-edge technologies[30]. - The company is expanding its market presence through strategic partnerships and acquisitions in the pharmaceutical sector[126]. Operational Developments - The company is preparing for BLA submissions for a commercial CAR-T product, expected to be filed with the FDA in the second half of 2024[10]. - The company has enhanced its service capabilities in areas such as flow chemistry, enzyme catalysis, and crystallization, expanding its formulation platform from oral to sterile injectable formulations[40]. - The total volume of peptide solid-phase synthesis reactors will increase to 32,000L by January 2024, with a new R&D and production base in Singapore commencing construction in May 2024[42]. - The company aims to strengthen its ability to provide integrated, end-to-end drug development and production services in response to the increasing demand for high-quality capabilities in the pharmaceutical and life sciences sectors[43]. Risk Factors - The company faces risks from a potential decline in demand for pharmaceutical research services, which could negatively impact business if industry trends slow down or outsourcing ratios decrease[63]. - Regulatory changes in the pharmaceutical research services industry pose a risk, as the company must adapt its strategies to comply with evolving policies and regulations[64]. - Increased competition in the global pharmaceutical research services market is a concern, with the company needing to strengthen its research and commercial advantages to maintain its competitive edge[66]. - The company faces risks related to the loss of core technical personnel, which is crucial for maintaining its competitive edge and operational stability[70]. Corporate Governance and Compliance - The board confirmed compliance with corporate governance codes, although there was a deviation regarding the separation of the roles of Chairman and CEO[81]. - The company emphasizes compliance and has established a robust internal control system, but faces risks if oversight of its subsidiaries is insufficient, potentially affecting necessary qualifications and approvals[67]. - The company is actively communicating with U.S. legislative parties to clarify facts and advocate for amendments to the proposed "Biological Safety Act" which has undergone revisions[69]. Employee and Talent Management - As of June 30, 2024, the group employed 38,134 employees, with compensation including base salary, allowances, bonuses, stock options, and other benefits[75]. - The company plans to attract, train, and retain top talent through a results-oriented performance evaluation system, providing competitive compensation and clear promotion opportunities[60]. Shareholder Returns and Dividends - The company did not declare any interim dividend for the six months ended June 30, 2024[2]. - The 2023 profit distribution plan was approved, with a cash dividend of RMB 9.8974 per 10 shares to shareholders listed on June 25, 2024[49]. - The total dividend declared for 2023 was RMB 2,882,050,829.90, an increase from RMB 2,649,083,545.14 in 2022, reflecting a growth of 8.8%[109].