Core Insights - The innovative drug sector experienced a strong rally on December 9, with notable stock performances including a 20% limit up for Ruizhi Pharmaceutical and approximately 13% increases for Chengda Pharmaceutical and Boji Pharmaceutical [1] - The final agreement text of the National Defense Authorization Act (NDAA) for fiscal year 2025 was released by the U.S. Congress on December 7, 2024, which did not include the biosafety bill [1] - The absence of the biosafety bill in the NDAA is viewed positively for WuXi AppTec and other Chinese CRO/CDMO companies with significant overseas revenue exposure [1]

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, with a target price raised to 78.51 RMB, reflecting a potential upside of 42.2% from the current price of 55.22 RMB [2][6]. Core Insights - The failure of the Biosecure Act to be included in the 2025 NDAA indicates significant legislative hurdles, reducing the likelihood of its passage in the near term. This is expected to positively impact WuXi AppTec's competitive position in the global pharmaceutical R&D industry [1][6]. - The company is anticipated to maintain its leading position in the global chemical drug CDMO market, with overseas competitors lagging significantly in revenue and capacity [1][6]. - A recovery in global biopharmaceutical financing is expected to drive rapid growth in orders for WuXi AppTec, with a reported 35% year-on-year increase in backlog orders as of September, including a remarkable 196% increase in TIDES orders [1][6]. Financial Summary - Revenue projections for WuXi AppTec are as follows: 38,906 million RMB in FY24E, 43,332 million RMB in FY25E, and 49,225 million RMB in FY26E, with expected year-on-year growth rates of -3.6%, +11.4%, and +13.6% respectively [1][9]. - Adjusted net profit is projected to be 10,427 million RMB in FY24E, 11,668 million RMB in FY25E, and 13,474 million RMB in FY26E, with corresponding growth rates of -3.9%, +11.9%, and +15.5% [1][9]. - The adjusted earnings per share are forecasted to be 3.61 RMB in FY24E, 4.04 RMB in FY25E, and 4.67 RMB in FY26E, with growth rates of -3.9%, +11.9%, and +15.5% respectively [1][9]. Valuation Metrics - The report utilizes a DCF model with a WACC of 9.42% and a perpetual growth rate of 2.0%, resulting in a calculated equity value of 226,740 million RMB and a per-share value of 78.51 RMB [6][9]. - The adjusted P/E ratio is projected to decrease from 15.3 in FY24E to 11.8 in FY26E, indicating an improving valuation as earnings grow [13].

一、 投资概述 证券代码：603259 证券简称：药明康德 公告编号：临 2024-075 无锡药明康德新药开发股份有限公司 关于认购私募基金份额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年 12 月 6 日，无锡药明康德新药开发股份有限公司（以下简称"本公 司"）全资子企业 WuXi PharmaTech Healthcare Fund I L.P.（以下简称"WuXi Fund I"）与 Jeito Capital S.A.S.（以下简称"管理公司"）签署 Subscription Agreement （以下简称"认购协议"），约定由 WuXi Fund I 认缴 Jeito II S.L.P.（以下简称"投 资基金"）2,000 万欧元的 A 类份额（以下简称"本次投资"），成为 A 类份额 持有人，约占已募集投资基金份额的 5.17%（WuXi Fund I 所持投资基金份额比 例将随投资基金后续募集金额的增加而稀释）。截至本公告日，WuXi Fund I 尚未 支付投资款，后续 ...

Core Points - The innovative drug concept has gained momentum, with significant stock price increases for companies like Boteng Co., Ltd. (over 12% rise), Dezhan Health (limit up), and Chengdu Xian Dao (nearly 9% rise) [1] - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security released the 2024 National Basic Medical Insurance Drug List, which aims to enhance drug supply security and improve the integration of commercial health insurance with basic medical insurance [1] - The updated drug list will include a total of 3,159 drugs, with 1,765 Western medicines and 1,394 traditional Chinese medicines. A total of 117 drugs outside the list participated in negotiations, with a success rate of 76% [1] - The average price reduction for negotiated drugs is 63%, alleviating the financial burden on patients and ensuring the sustainability of the medical insurance fund [1] - The new list includes 91 new drugs, of which 38 are "global new" innovative drugs, marking a record high in both proportion and absolute numbers. Over 70% of the new drugs are products from domestic companies [1] Industry Insights - In the first ten months of this year, the medical insurance fund's payment for negotiated drugs reached approximately 92 billion yuan, which is 21 times that of the same period in 2019 [2] - The cumulative payment by the medical insurance fund for negotiated drugs has exceeded 350 billion yuan, benefiting 830 million patients and reducing their financial burden by over 880 billion yuan [2] - The ongoing optimization of medical insurance policies and the establishment of a multi-tiered medical security system are expected to provide innovative drug companies with greater market share and revenue growth opportunities [2] - Companies with genuine innovative capabilities, such as Heng Rui Medicine, Innovent Biologics, Mindray Medical, United Imaging Healthcare, Yiling Pharmaceutical, and Kangyuan Pharmaceutical, are recommended for attention [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 無錫藥明康德新藥開發股份有限公司 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603259 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,916,432 | RMB | | 1 RMB | | 2,500,916,432 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,500,916,432 | RMB | | 1 RMB | | 2,500,916,432 | 本月底法定/註冊股本總額： RMB 2,887,992,582 第 1 頁 共 11 頁 v ...

Summary of WuXi AppTec's Q3 2024 Earnings Call Company Overview - **Company**: WuXi AppTec - **Date**: November 18, 2024 Key Financial Metrics - **Q3 2024 Revenue**: 10.46 billion RMB, a 13% increase quarter-over-quarter - **Adjusted Net Profit**: 2.97 billion RMB, a 20.9% increase quarter-over-quarter - **Year-over-Year Revenue Growth (excluding COVID projects)**: 14.6% [2][3] - **Total Revenue for First Three Quarters**: 27.7 billion RMB, a 6.2% decrease year-over-year, but a 4.6% increase when excluding COVID projects [3] Customer and Order Growth - **New Global Customers**: Over 800 added in the first three quarters, bringing total active customers to over 6,000 [4] - **Backlog Orders**: 43.82 billion RMB, a 35.2% increase year-over-year [4] - **Revenue from Top 20 Global Pharmaceutical Companies**: 11.22 billion RMB, a 23.1% increase year-over-year when excluding COVID projects [4] Capacity Expansion - **Total Volume of Peptide Solid-Phase Synthesis Reactors**: Expected to reach 41,000 liters by year-end [2][5] - **New Singapore R&D and Production Base**: Phase one expected to be operational by 2027 [5] Regional Market Performance - **U.S. Revenue Growth**: 7.6% year-over-year (excluding COVID projects) [6] - **European Revenue Growth**: 14.8% year-over-year (excluding COVID projects) [6] - **China and Japan/Korea Revenue**: Decline noted, but diversified revenue sources provide stability [6] Core Business Performance - **Wuxi Kaimir CRDM Business**: Q3 revenue returned to positive growth at 1.4%, reaching 7.88 billion RMB, with a 26.4% year-over-year increase when excluding COVID projects [7] - **Small Molecule Business**: Revenue for the first three quarters reached 12.47 billion RMB, a 7% increase year-over-year when excluding COVID projects [8] - **New Molecular "Prince" Business**: Revenue grew 71% year-over-year, reaching 3.55 billion RMB [9] Challenges and Responses - **Wuxi Testing and Wuxi Daraji**: Revenue declines noted, with Wuxi Testing down 4.9% and Wuxi Daraji down 3.6% year-over-year [10][12] - **Impact of U.S. Proposed Legislation**: Company evaluating options to maintain operations and mitigate impacts on patients [13][17] Financial Performance Insights - **Adjusted Gross Margin**: 40.9% for the first three quarters, with Q3 at 42.8% [15] - **Adjusted Net Profit Margin**: 26.5% for the first three quarters, with Q3 at 28.4% [15] - **Free Cash Flow**: Reached 5.56 billion RMB, with expectations of 6-7 billion RMB for the full year [16] Future Outlook - **Full Year Revenue Guidance**: Expected to reach 38.3-40.5 billion RMB, a year-over-year growth of 2.7%-8.6% [18] - **Focus on Operational Efficiency**: Plans to enhance production efficiency and maintain cash flow for talent incentives, dividends, and share buybacks [18]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [35]. Core Insights - The company, WuXi AppTec, established in December 2000, provides integrated drug development and manufacturing services to global pharmaceutical, life sciences, and medical device companies. Its main business segments include chemistry, testing, biology, high-end therapeutic CTDMO, and domestic new drug development services [17]. - In the first three quarters of 2024, the company reported revenue of 27.702 billion yuan, a year-on-year decline of 6.23%, and a net profit attributable to shareholders of 6.533 billion yuan, down 19.11%. Adjusted non-IFRS net profit was 7.346 billion yuan, a decrease of 10.05% compared to the previous year [18]. - The company has seen a significant increase in active customers, with over 800 new clients added in the first three quarters of 2024, bringing the total active customer count to over 6,000. The backlog of orders reached 43.82 billion yuan, a year-on-year increase of 35.2% [19]. Financial Performance - The comprehensive gross margin for the first three quarters of 2024 was 40.65%, slightly down by 0.65 percentage points year-on-year. The net profit margin was 23.83%, down 3.75 percentage points from the previous year [18]. - The revenue distribution by region shows that the U.S. accounted for 176.2 billion yuan, a year-on-year increase of 7.6%, while Europe generated 35.3 billion yuan, up 14.8%. In contrast, revenue from China was 51.6 billion yuan, down 3.9% [19]. - The chemistry business remains the primary revenue and profit source, contributing 72.31% of total revenue and 78.18% of gross profit in 2023 [19]. Business Segments - The testing business, the second-largest segment, generated revenue of 4.62 billion yuan in the first three quarters of 2024, a decline of 4.9% year-on-year. The adjusted non-IFRS gross margin for this segment was 34.6%, down 4 percentage points from the previous year [24]. - The biology segment reported revenue of 1.83 billion yuan, a decrease of 3.6% year-on-year, with an adjusted non-IFRS gross margin of 38% [24]. - The high-end therapeutic CTDMO business saw revenue of 850 million yuan, down 17% year-on-year, with a negative adjusted non-IFRS gross margin of -29.7% [25]. Earnings Forecast - The company is projected to achieve earnings per share of 3.16 yuan, 3.49 yuan, and 3.83 yuan for the years 2024, 2025, and 2026, respectively. The corresponding dynamic price-to-earnings ratios are expected to be 16.74, 15.17, and 13.80 [25].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 投资概述 2024 年 11 月 15 日，无锡药明康德新药开发股份有限公司（以下简称"本 公司"）全资子企业 WuXi PharmaTech Healthcare Fund I L.P.（以下简称"WuXi Fund I"）与 Sofinnova Capital XI GP S.à r.l.（以下简称"普通合伙人"）签署 Subscription Agreement（以下简称"认购协议"），约定由 WuXi Fund I 认缴 Sofinnova Capital XI SCSp SICAV-RAIF（以下简称"投资基金"）1,000 万欧元 的投资基金份额（以下简称"本次投资"），约占已募集投资基金份额的 4.40% （WuXi Fund I 所持投资基金份额比例将随投资基金后续募集金额增加而进一步 稀释）。截至本公告日，WuXi Fund I 尚未支付投资款，后续 WuXi Fund I 将以自 有资金根据认购协议的要求履行投资款的支付义务。 本次投资不 ...

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, expecting a price increase of over 15% relative to the industry index in the next six months [12]. Core Views - WuXi AppTec's overall performance is gradually recovering, with TIDES business maintaining rapid growth. The company reported a revenue of 27.702 billion yuan in the first three quarters of 2024, a year-on-year decline of 6.23%, and a net profit of 6.533 billion yuan, down 19.11% year-on-year [1][6]. - The TIDES business revenue reached 3.55 billion yuan in the first three quarters of 2024, showing a strong growth of 71% year-on-year, with expectations for annual growth exceeding 60% [2]. - The company has a robust order backlog, with total orders amounting to 43.82 billion yuan, a year-on-year increase of 35.2% [6]. Financial Performance Summary - **Revenue**: - 2022: 39.355 billion yuan - 2023: 40.341 billion yuan - 2024E: 39.223 billion yuan - 2025E: 45.102 billion yuan - 2026E: 51.806 billion yuan - Year-on-year growth rates: 71.8% (2022), 2.5% (2023), -2.8% (2024E), 15.0% (2025E), 14.9% (2026E) [1][7]. - **Net Profit**: - 2022: 8.814 billion yuan - 2023: 9.607 billion yuan - 2024E: 9.378 billion yuan - 2025E: 10.820 billion yuan - 2026E: 12.430 billion yuan - Year-on-year growth rates: 72.9% (2022), 9.0% (2023), -2.4% (2024E), 15.4% (2025E), 14.9% (2026E) [1][7]. - **Key Ratios**: - ROE: 19.0% (2022), 17.5% (2023), 15.3% (2024E), 15.6% (2025E), 15.8% (2026E) [1][7]. - EPS: 3.05 (2022), 3.33 (2023), 3.25 (2024E), 3.75 (2025E), 4.30 (2026E) [1][7]. Business Segment Performance - **Chemical Business**: - Revenue in the first three quarters of 2024 was 20.09 billion yuan, down 5.40% year-on-year, but up 10.40% when excluding specific commercial production projects [2]. - **Testing Business**: - Revenue in the first three quarters of 2024 was 4.62 billion yuan, down 4.86% year-on-year [3]. - **Biological Business**: - Revenue in the first three quarters of 2024 was 1.83 billion yuan, down 3.64% year-on-year, with new molecular types showing a 6.0% increase [3]. - **High-end CTDMO Business**: - Revenue in the first three quarters of 2024 was 0.85 billion yuan, down 17.04% year-on-year, primarily due to project delays and cancellations [4].

证券代码：603259 证券简称：药明康德 公告编号：临 2024-073 无锡药明康德新药开发股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 无锡药明康德新药开发股份有限公司（以下简称"本公司"）已于 2024 年 10 月 29 日在上海证券交易所网站（www.sse.com.cn）及指定媒体披露《无锡药明康 德新药开发股份有限公司 2024 年第三季度报告》。为了便于广大投资者更全面深 入地了解本公司 2024 年第三季度业绩和经营情况，本公司拟于 2024 年 11 月 18 日（星期一）上午 10:00-11:00 召开业绩说明会，就投资者普遍关心的问题进行 交流。 一、 业绩说明会类型 本次业绩说明会以视频结合网络互动方式召开，本公司将针对 2024 年第三 季度业绩和经营情况与投资者进行交流，并在信息披露允许的范围内就投资者普 遍关注的问题进行回答。 三、参加人员 本公司副董事长、全球首席投资官胡正国先生，执行董事、联席首席执行官 陈民 ...