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（文章来源：每日经济新闻） 开源证券7月31日发布研报称，给予药明康德（603259.SH，最新价：96.32元）买入评级。评级理由主 要包括：1）2025H1 业绩超预期，TIDES 业务增速强劲打开成长空间；2）小分子D&M管线持续扩张， TIDES业务强劲增长；3）临床业务稳健发展，着力搭建新分子种类相关生物学平台。风险提示：中美 贸易摩擦，市场竞争加剧，环保和安全生产风险。 ...

近日，药明康德发布了2025年中期业绩，亮眼的成绩单再次验证了药明康德非凡的内生增长力。 三个层面可以看出药明康德强劲的增长态势： 营收：上半年公司整体营业收入208.0亿元，同比+20.6%；其中持续经营业务收入204.1亿元，同比 +24.2%。 在手订单：截至6月底，持续经营业务在手订单566.9亿元，同比+37.2%。 药明康德在巨大的体量下依然能够保持营收、利润与在手订单的双位数的增长，整体发展态势高于行业 平均水平，再次印证了其CRDMO模式的发展韧性，也离不开管理决策的预见性和正确性。 药明康德有哪些增长的秘诀？ 全面赋能，紧抓客户需求 在全球医药研发成本持续上升、成功率依然不高的背景下，能够帮助客户提高效率、降低成本的商业模 式将具有持久生命力。因此，面对外部挑战，药明康德始终不断强化"一体化、端到端"的服务能力，紧 抓客户需求。 药明康德多年以来打造的CRDMO模式，以全流程覆盖的一体化优势，从源头锁定行业潜力新药分子， 夯实客户粘性，逐步打造了后期的规模效应。 一直以来，药明康德以高度可靠的质量体系和交付效率成为了诸多全球大型药企供应链的重要组成部 分。即使在极具挑战的2024年，药明康德 ...

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].