7月31日，医疗服务行业上涨0.06%，今日主力资金流出10.13亿元，成分股18只上涨，24只下跌。 主力资金净流出居前的分别为药明康德（5.09亿元）、爱尔眼科（2.52亿元）、康龙化成（2.14亿 元）、昭衍新药（1.19亿元）、成都先导（6247.01万元）。 序号代码名称最新价涨跌幅主力净流入主力净占比1301096百诚医药58.457.091.29亿元12.93%2002044美 年健康5.111.391.09亿元8.9%3002173创新医疗15.347.729399.58万元8.27%4300149睿智医药 14.243.565741.76万元3.07%5603882金域医学30.850.623766.17万元7.95%6301293三博脑科 50.083.582790.86万元3.88%7300244迪安诊断16.11.582710.14万元4.4%8301080百普赛斯56.311.621235.77 万元5.54%9002219新里程2.22-0.89956.46万元7.94%10300347泰格医药68.110.55913.83万元0.52% 来源：金融界 ...

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec, indicating a positive outlook for the company's stock performance relative to the benchmark index [6]. Core Views - WuXi AppTec's TIDES business continues to experience high growth, contributing significantly to the overall performance. The company has raised its full-year performance guidance, expecting a return to double-digit growth in continuous operating business revenue, with an increase in the growth rate from 10-15% to 13-17% [6]. - The company reported a substantial increase in revenue and net profit for the first half of 2025, with total revenue reaching RMB 20.8 billion, a year-on-year increase of 20.6%, and net profit attributable to shareholders rising by 101.9% to RMB 8.56 billion [6]. - The report highlights the strong performance of the chemical business, with a revenue increase of 33.5% year-on-year, and the TIDES business showing remarkable growth of 141.6% [6]. Financial Forecast Summary - **Revenue Forecast**: - 2024A: RMB 39,241.43 million - 2025E: RMB 44,117.35 million (growth rate: 12.43%) - 2026E: RMB 50,436.29 million (growth rate: 14.32%) - 2027E: RMB 57,615.13 million (growth rate: 14.23%) [2][8] - **Net Profit Forecast**: - 2024A: RMB 9,450.31 million - 2025E: RMB 14,201.96 million (growth rate: 50.28%) - 2026E: RMB 14,954.50 million (growth rate: 5.30%) - 2027E: RMB 18,240.90 million (growth rate: 21.98%) [2][8] - **Key Financial Ratios**: - Gross Margin: Expected to increase from 41.48% in 2024A to 46.09% in 2027E - PE Ratio: Expected to decrease from 30.04 in 2024A to 15.56 in 2027E [2][8] Business Performance Highlights - The continuous operating business backlog reached RMB 56.69 billion, a year-on-year increase of 37.2% [6]. - Revenue from U.S. clients grew by 38.4%, while revenue from European clients increased by 9.2%. However, revenue from Chinese clients saw a decline of 5.2% [6]. - The report emphasizes the resilience of WuXi AppTec's overseas business growth despite geopolitical challenges, affirming its robust position in the global supply chain [6].

华西证券研报指出，药明康德25H1实现归母净利润85.61亿元，同比增长101.92%、实现扣非净利润 55.82亿元，同比增长26.47%。分业务来看，TIDES业务25H1实现收入50.3亿元，同比增长141.6%，继 续为公司贡献业绩弹性、化学药D&M业务实现收入86.8亿元，同比增长17.5%，恢复相对较快增长。截 止2025年6月末，公司持续经营业务在手订单为566.9亿元，同比增长37.2%，为公司未来业绩增长奠定 基础。根据公司2025年中报，公司预计2025年持续经营业务收入增速从10%~15%上修至13%~17%，公 司整体业绩增长中枢提升。产能供给方面，预计2025年底小分子原料药反应釜总体积将超过400万升， 呈现上升趋势，为未来业绩增长奠定基础。维持"买入"评级。 ...

Investment Rating - The investment rating for WuXi AppTec is maintained as "Buy" [1] Core Views - The company reported strong performance in H1 2025, with revenue reaching 20.64% year-on-year growth and a significant increase in net profit by 101.92% [4][5] - The TIDES business segment showed robust growth, with revenue increasing by 141.6% year-on-year, indicating strong demand and expansion potential [5] - The company has raised its revenue guidance for 2025 from 41.5-43 billion to 42.5-43.5 billion, reflecting positive market conditions and order growth [4] Financial Performance Summary - In H1 2025, the company achieved revenue of 20.799 billion, a 20.64% increase year-on-year, and a net profit of 8.561 billion, up 101.92% [4] - For Q2 2025, revenue was 11.145 billion, showing a 20.37% year-on-year increase and a 15.43% quarter-on-quarter increase [4] - The adjusted Non-IFRS net profit for H1 2025 was 6.31 billion, reflecting a 44.4% year-on-year growth [4] Business Segment Performance - The chemical business segment generated revenue of 16.3 billion in H1 2025, marking a 33.5% increase year-on-year [5] - The TIDES business segment's revenue was approximately 5.03 billion in H1 2025, with a 48.8% increase in orders by the end of June 2025 [5] - The clinical business segment reported a slight decline in revenue, but the overall performance remains stable with a focus on expanding new molecular types [6] Financial Projections - The company expects net profit for 2025-2027 to be 13.407 billion, 15.127 billion, and 17.939 billion respectively, with EPS projected at 4.67, 5.27, and 6.25 [4][8] - The current price-to-earnings ratio (PE) is projected at 21.2, 18.8, and 15.8 for the years 2025, 2026, and 2027 respectively [4][8]

Core Viewpoint - Guosen Securities has given WuXi AppTec (603259.SH, latest price: 98.85 CNY) an "outperform" rating due to strong order growth and an upward revision of the annual performance guidance [2] Group 1: Company Performance - The company has experienced robust order growth, prompting a proactive adjustment of its annual performance guidance [2] - In the chemical business, the small molecule CRDMO has shown efficient transformation, while the TIDES business has made significant contributions [2] - The testing and biological services segment has maintained a steady performance [2] Group 2: Market Dynamics - The company has deepened its global customer structure, with the U.S. market continuing to show leading growth rates [2]

Group 1 - The company plans to issue 73.8 million H-shares at a price of HKD 104.27 per share, aiming to raise approximately HKD 7.65 billion, with about 90% allocated for global expansion and capacity building, and 10% for general operational funds [1] - The company reported a revenue of CNY 20.799 billion for the first half of 2025, representing a year-on-year growth of 20.64%, with net profit attributable to shareholders reaching CNY 8.56 billion, a significant increase of 101.92% [1] - The company announced its first-ever interim dividend of approximately CNY 1 billion, distributing CNY 3.5 per 10 shares, with total cash dividends and share buybacks since 2025 reaching nearly CNY 7 billion [2] Group 2 - The company has increased its full-year performance guidance, projecting a revenue growth rate for its ongoing business from 10%-15% to 13%-17%, and overall revenue expectations adjusted from CNY 41.5 billion-43 billion to CNY 42.5 billion-43.5 billion [2] - As of June 30, 2025, the company reported a backlog of orders for ongoing business amounting to CNY 56.69 billion, reflecting a year-on-year growth of 37.2% [2] - Revenue from U.S. clients reached CNY 14.03 billion, up 38.4% year-on-year, while revenue from European clients was CNY 2.33 billion, growing by 9.2% [2]

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec, indicating a positive outlook for the company's stock performance relative to the benchmark index [6]. Core Insights - WuXi AppTec's TIDES business continues to experience high growth, leading to an upward revision of the full-year performance guidance. The company expects a revenue growth rate of 13-17% for its continuing operations in 2025, up from the previous estimate of 10-15% [6]. - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching RMB 20.8 billion, a year-on-year increase of 20.6%, and net profit attributable to shareholders rising by 101.9% to RMB 8.56 billion [6]. - The report highlights strong performance in the chemical business, with a revenue increase of 33.5% year-on-year, and a remarkable growth of 141.6% in the TIDES business [6]. Financial Forecast Summary - **Revenue Forecast**: Projected revenues for 2024A, 2025E, 2026E, and 2027E are RMB 39,241.43 million, RMB 44,117.35 million, RMB 50,436.29 million, and RMB 57,615.13 million respectively, with growth rates of -2.73%, 12.43%, 14.32%, and 14.23% [2][8]. - **Net Profit Forecast**: Expected net profits for the same years are RMB 9,450.31 million, RMB 14,201.96 million, RMB 14,954.50 million, and RMB 18,240.90 million, reflecting growth rates of -1.63%, 50.28%, 5.30%, and 21.98% [2][8]. - **Key Ratios**: The projected PE ratios for 2025E, 2026E, and 2027E are 19.99, 18.99, and 15.56 respectively, indicating a favorable valuation trend [2][8]. Business Performance Highlights - The company reported a backlog of orders amounting to RMB 56.69 billion, a year-on-year increase of 37.2%, indicating strong future revenue potential [6]. - Revenue from U.S. clients reached RMB 14.03 billion, a 38.4% increase year-on-year, while revenue from European clients grew by 9.2% to RMB 2.33 billion [6]. - The report notes that the TIDES business is expected to continue driving overall performance, supported by robust demand and a solid order backlog [6].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, indicating a positive outlook for the company's stock performance in the coming months [6]. Core Views - WuXi AppTec's TIDES business continues to show strong growth, leading to an upward revision of the full-year performance guidance. The company expects a revenue growth rate of 13-17% for its continuing operations in 2025, up from the previous estimate of 10-15% [6]. - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching RMB 20.8 billion, a year-on-year increase of 20.6%, and net profit attributable to shareholders rising by 101.9% to RMB 8.56 billion [6]. - The report highlights the robust order backlog of RMB 56.69 billion, reflecting a year-on-year increase of 37.2%, indicating strong future revenue potential [6]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: RMB 39,241.43 million - 2025E: RMB 44,117.35 million (growth of 12.43%) - 2026E: RMB 50,436.29 million (growth of 14.32%) - 2027E: RMB 57,615.13 million (growth of 14.23%) [2][8] - **Net Profit Forecasts**: - 2024A: RMB 9,450.31 million - 2025E: RMB 14,201.96 million (growth of 50.28%) - 2026E: RMB 14,954.50 million (growth of 5.30%) - 2027E: RMB 18,240.90 million (growth of 21.98%) [2][8] - **Key Financial Ratios**: - Gross Margin: Expected to increase from 41.48% in 2024A to 46.09% in 2027E - PE Ratio: Expected to decrease from 30.04 in 2024A to 15.56 in 2027E [2][8] - **Cash Flow**: - Operating cash flow is projected to grow from RMB 12,406.51 million in 2024A to RMB 21,389.74 million in 2027E [7]. Business Segment Performance - **Chemical Business**: Revenue for H1 2025 reached RMB 16.3 billion, a year-on-year increase of 33.5%, with a gross margin of 49.07% [6]. - **TIDES Business**: Revenue for H1 2025 was RMB 5.03 billion, showing a remarkable year-on-year growth of 141.6% [6]. - **Testing Business**: Revenue for H1 2025 was RMB 2.69 billion, with a slight decline in certain segments due to market pricing factors [6]. Geographic Revenue Breakdown - Revenue from U.S. clients in H1 2025 was RMB 14.03 billion, a year-on-year increase of 38.4% - Revenue from European clients was RMB 2.33 billion, a year-on-year increase of 9.2% - Revenue from Chinese clients decreased by 5.2% to RMB 3.15 billion [6]. Conclusion - The report indicates that WuXi AppTec is well-positioned for continued growth, driven by its strong TIDES business and a solid order backlog, with an optimistic outlook for revenue and profit growth in the coming years [6].

Group 1 - WuXi AppTec's Hong Kong stock price opened lower, with an initial drop exceeding 6%, and as of the report, it was down 5.27% [1] - WuXi AppTec's A-shares also experienced a decline of over 2% [1] Group 2 - WuXi AppTec plans to raise HKD 7.7 billion through a discounted share placement [1]

Core Viewpoint - WuXi AppTec reported strong financial results for 1H25, exceeding expectations, with significant revenue and profit growth, prompting an upward revision of full-year guidance for 2025 [1][2]. Financial Performance - Revenue increased by 20.6% YoY, with continuing operations growing by 24.2% YoY [1] - Adjusted non-IFRS net profit surged by 44.4% YoY [1] - Revenue from continuing operations and adjusted non-IFRS net profit accounted for 47.5% and 54.4% of full-year forecasts, respectively, both higher than historical ranges [1] Operational Highlights - Management raised full-year guidance for 2025, expecting revenue growth for continuing operations to be between 13-17%, up from the previous 10-15% [2] - The demand for late-stage clinical and commercial manufacturing has been a key growth driver for the global CXO industry post-COVID [2] - TIDES revenue surged by 141.6% YoY due to faster-than-expected manufacturing capacity ramp-up [2] - Revenue from small molecule D&M grew by 17.5% YoY, indicating a recovery from previous negative growth [2] Capacity Expansion - WuXi AppTec's backlog grew by 37.2% YoY, with TIDES backlog increasing by 48.8% YoY [3] - Plans to increase peptide capacity to over 100k liters by the end of 2025 to meet demand [3] - Ongoing capacity expansion at multiple sites, including locations in China, Singapore, the US, and Switzerland [3] - Capex target reaffirmed at RMB7-8 billion for 2025, with potential increases anticipated in the coming years [3] Early-stage R&D Insights - Revenue from early-stage R&D services showed sequential improvements but a meaningful recovery is expected to take time [4] - Early-stage R&D services contribute approximately 30% of the company's total revenue [4] Investment Outlook - Target price raised from RMB77.22 to RMB116.56 based on upgraded guidance and improved macro environment [5] - Expected revenue growth from continuing operations of 16.0%/15.9%/15.8% YoY and adjusted non-IFRS net profit growth of 16.2%/17.6%/16.4% YoY for 2025E/26E/27E, respectively [5]