Core Viewpoint - WuXi AppTec reported strong half-year results with revenue of 20.8 billion yuan, a year-on-year increase of 20%, and net profit of 8.6 billion yuan, doubling year-on-year, both reaching historical highs [1] Financial Performance - The company achieved an unexpected performance in the first half of 2025, with revenue driven by timely delivery and smoother validation of new capacity [1] - The revenue from U.S. clients grew by 38.4% year-on-year, while revenue from Chinese clients declined by 5.2% [1] - WuXi AppTec raised its full-year guidance, expecting revenue growth for continuing operations to be adjusted from 10%-15% to 13%-17% [1] Market Reaction - Following the announcement of the strong half-year report, WuXi AppTec's A-shares rose over 7% and Hong Kong shares increased over 11% [2] - The company adjusted its share repurchase price ceiling from 90.72 yuan to 114.15 yuan per share [2] Business Segments - The company’s overseas revenue reached 17.3 billion yuan in the first half of 2025, contributing over 80% of total revenue, with U.S. clients accounting for 14 billion yuan [3] - The TIDES business segment saw significant growth, with revenue of 5 billion yuan, a year-on-year increase of 142%, and an expected annual growth rate of over 80% [6] Industry Context - WuXi AppTec's performance indicates a recovery in the CRO industry, with other companies like Kelaiying and Kanglong Chemical also showing positive trends [7] - The company is positioned as a major service provider in the global peptide drug market, holding over 20% market share in GLP-1 projects [6]

| 2025-07-30 | 药明康德 | 603259 | 华泰证券股份有限 98.85 790.8 | | 国泰海通证券股份 | | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | 公司北京雍和宫证 | 卖出营业部 有限公司总部 | 7月30日，药明康德大宗交易成交8万股，成交额790.8万元，占当日总成交额的0.08%，成交价98.85元，较市场收盘价98.85元持平。 ...

文件显示：药明康德寻求通过配售股份筹资约6.5亿美元，股票配售价格为每股104.16-106.40港元。 （彭博） ...

大华继显控股有限公司将药明康德A股评级上调至买进。 ...

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec [1][6] Core Views - WuXi AppTec's 2Q25 performance significantly exceeded market expectations, leading to an upward revision of the full-year revenue guidance to a growth rate of 13%-17% YoY [1][5] - The target prices have been raised to HKD 128.5 for H shares and RMB 113.5 for A shares, reflecting a potential upside of 15% from current prices [2][6] Financial Performance Summary - In 2Q25, the company reported a revenue of RMB 11,144.7 million, representing a 20.4% increase YoY and a 15.4% increase QoQ [5][7] - The adjusted Non-IFRS net profit for 2Q25 was RMB 3,637.1 million, up 47.9% YoY and 35.8% QoQ [5][7] - The gross margin improved to 45.8%, an increase of 5.8 percentage points YoY [5][7] - The number of orders on hand reached a record high of RMB 566.9 billion, up 37.2% YoY [5][6] Revenue and Profitability Forecast - The revenue forecast for 2025 is set at RMB 45,223 million, with a projected growth rate of 15% [8][9] - The adjusted Non-IFRS net profit for 2025 is estimated at RMB 18,532 million, indicating a substantial growth of 98% compared to 2024 [8][9] - The report anticipates a continued increase in profitability driven by late-stage projects and production efficiency improvements [5][6] Market Position and Growth Drivers - The strong growth in small molecule D&M and TIDES revenues is a key driver for the company's performance [5][6] - The TIDES business saw a remarkable growth of 80.2% YoY, with a backlog of orders increasing by 48.8% YoY [5][6] - Management expects double-digit growth in continuous operating revenue in the second half of 2025 [5][6]

Core Viewpoint - Citigroup has raised its earnings per share forecasts for WuXi AppTec (02359) for 2025 to 2027 by 3%, 6%, and 7% respectively, driven by margin expansion in the chemical business, a decrease in administrative expenses, and higher investment income [1] Group 1: Earnings Forecasts - WuXi AppTec's H-share target price has been increased from HKD 95 to HKD 130, while the A-share target price has been raised from CNY 88 to CNY 119 [1] - The management has revised its 2025 guidance, expecting revenue from continuing operations to reach CNY 42.5 billion to CNY 43.5 billion, representing a year-on-year growth of 13% to 17% [1] - The previous guidance was CNY 41.5 billion to CNY 43 billion, with a year-on-year growth of 10% to 15% [1] Group 2: Management Confidence - Management anticipates double-digit growth in revenue from continuing operations in the second half of 2025 compared to both year-on-year and the first half of the year [1] - The new guidance implies a year-on-year growth of 5% to 10% and a growth of 6% to 11% compared to the first half of the year [1] - Management has expressed confidence in further improving the adjusted net profit margin for 2025 [1]

Group 1 - The core viewpoint of the article is that Citigroup has raised its earnings per share forecasts for WuXi AppTec (603259) for 2025 to 2027 by 3%, 6%, and 7% respectively, due to margin expansion driven by the chemical business, a decrease in administrative expense ratios, and higher investment income [1] - Citigroup has increased the target price for WuXi AppTec's H-shares from HKD 95 to HKD 130 and for its A-shares from CNY 88 to CNY 119, reflecting a more optimistic earnings outlook [1] - WuXi AppTec's management has raised its 2025 guidance primarily due to rapid capacity expansion rather than a surge in orders prior to the tariff war, with expected revenue from continuing operations projected to reach CNY 42.5 to 43.5 billion, representing a year-on-year growth of 13% to 17% [1] Group 2 - The management's new guidance indicates a year-on-year growth of 5% to 10% and a growth of 6% to 11% compared to the first half of the year, with confidence in further improving the adjusted net profit margin for 2025 [1] - The management anticipates double-digit growth in revenue from continuing operations in the second half of 2025 compared to both year-on-year and the first half of the year [1]

Investment Rating - The investment rating for the company is "Accumulate" [5][19]. Core Insights - The company, WuXi AppTec, has shown strong performance in the first half of 2025, with a significant increase in orders on hand by 37%, leading to an upward revision of its full-year performance guidance [2][11]. - The revenue for the first half of 2025 reached RMB 20.8 billion, representing a year-on-year growth of 20.6%, with the revenue from continuing operations growing by 24.2% [11]. - The adjusted net profit margin improved to 30.4%, an increase of 5 percentage points year-on-year [11]. - The TIDES business segment has experienced rapid growth, with revenue in the first half of 2025 increasing by 141.6% year-on-year [11]. - The company has raised its full-year revenue guidance from RMB 415-430 billion to RMB 425-435 billion, expecting a return to double-digit growth in continuing operations [11]. Financial Summary - The projected total revenue for 2025 is RMB 43.547 billion, with a growth rate of 11.0% [3][12]. - The net profit attributable to the parent company is expected to be RMB 14.684 billion in 2025, reflecting a substantial growth of 55.4% [3][12]. - Earnings per share (EPS) for 2025 is projected at RMB 5.11 [3][12]. - The company maintains a net asset return rate of 21.3% for 2025 [3][12]. - The price-to-earnings (P/E) ratio is estimated to be 19.30 for 2025 [3][12]. Market Data - The company's market capitalization is approximately RMB 283.459 billion [6]. - The stock price has ranged between RMB 37.29 and RMB 98.69 over the past 52 weeks [6]. - The company has a net asset value per share of RMB 20.86, with a price-to-book (P/B) ratio of 4.7 [7].

光大证券研报指出，药明康德上半年实现归母净利润85.61亿元（YOY+101.92%）；其中，2025Q2实现 归母净利润48.9亿元(YOY+112.78%)，超出市场预期。业绩增速显著，在手订单支撑强劲。截至25年6 月底，公司在手订单高达566.9亿元(YOY+37.2%)，凸显公司业务发展态势良好，为后续收入增长筑牢 根基。公司持续推进产能扩张，预计2025年底小分子原料药反应釜总体积将超400万升，多肽固相合成 反应釜总体积将提升至超10万升。公司是一站式CXO龙头，业绩保持稳定。考虑到公司TIDES相关业绩 与产能均快速增长，毛利率改善，以及出售WuXi XDC股票带来的一次性收益，上调公司25-27年归母 净利润预测为151.4/155.4/180.2 亿元(分别上调37.9%/24.1%/27.3%)，25-27年A股对应PE为19/18/16倍； H股对应PE为19/19/16倍，均维持"买入"评级。 ...

Core Viewpoint - WuXi AppTec reported a significant increase in net profit for the first half of the year, indicating strong business growth and a solid order backlog [1] Financial Performance - The company achieved a net profit attributable to shareholders of 8.561 billion yuan, representing a year-over-year increase of 101.92% [1] - In Q2 2025, the net profit reached 4.89 billion yuan, with a year-over-year growth of 112.78%, exceeding market expectations [1] Order Backlog - As of June 30, 2025, the company's order backlog stood at 56.69 billion yuan, reflecting a year-over-year increase of 37.2%, showcasing robust business development [1] Capacity Expansion - The company is actively expanding its production capacity, with projections indicating that by the end of 2025, the total volume of small molecule API reaction vessels will exceed 4 million liters, and the total volume of peptide solid-phase synthesis reaction vessels will increase to over 100,000 liters [1] Market Position - WuXi AppTec is recognized as a leading one-stop CXO service provider, maintaining stable performance [1] Profit Forecast - Due to rapid growth in TIDES-related performance and capacity, improved gross margins, and one-time gains from the sale of WuXi XDC shares, the net profit forecasts for 2025-2027 have been raised to 15.14 billion, 15.54 billion, and 18.02 billion yuan, respectively, with increases of 37.9%, 24.1%, and 27.3% [1] Valuation Metrics - The corresponding price-to-earnings (PE) ratios for A-shares for 2025-2027 are projected to be 19, 18, and 16 times, while for H-shares, they are expected to be 19, 19, and 16 times [1] - The company maintains a "Buy" rating [1]