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10月31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 呈交日期: 2024年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 387,076,150 | RMB | | 1 | RMB | | 387,076,150 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 387,076,150 | RMB | | 1 | RMB | | 387,076,150 | | 2. 股份分 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 277.02 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.23%. The net profit attributable to shareholders was 65.33 billion yuan, down 19.11% year-on-year [4]. - In Q3 2024, the company achieved a revenue of 104.61 billion yuan, a decrease of 1.96% year-on-year, but a 13.0% increase quarter-on-quarter. The adjusted Non-IFRS net profit for the same quarter was 29.74 billion yuan, down 3.22% year-on-year but up 20.9% quarter-on-quarter [4][5]. - The company has a strong order backlog of 438.2 billion yuan as of September 2024, reflecting a year-on-year growth of 35.2%, with TIDES orders growing by 196% [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 277.02 billion yuan, with a net profit of 65.33 billion yuan. The adjusted Non-IFRS net profit was 73.46 billion yuan [4]. - The Q3 revenue was 104.61 billion yuan, with a net profit of 22.93 billion yuan, and an adjusted Non-IFRS net profit of 29.74 billion yuan [4]. Business Segments - The chemical segment showed robust growth, with revenue of 200.9 billion yuan in the first three quarters, excluding specific commercial production projects, reflecting a 10.4% year-on-year increase. The small molecule D&M business generated 124.7 billion yuan, up 7.0% year-on-year, while TIDES revenue reached 35.5 billion yuan, a strong growth of 71.0% [5]. Future Outlook - The company expects revenue for 2024 to be between 383 billion and 405 billion yuan, with a projected growth rate of 2.7% to 8.6% after excluding specific commercial projects. The adjusted Non-IFRS net profit margin is expected to remain stable compared to the previous year [5].

Investment Rating - The report maintains an "Outperform" rating for WuXi AppTec (603259 SH) [1][2][10] Core Views - WuXi AppTec's Q3 2024 revenue exceeded RMB 10 billion, with a year-on-year increase of 14 6% excluding COVID-19 commercial projects [1][5] - The company's revenue diversification is evident, with US client revenue turning positive in the first three quarters of 2024 [1] - The integrated CRDMO model continues to drive growth, particularly in the chemical business, with 915 new molecules added in the first three quarters of 2024 [1][8] - TIDES business showed rapid growth, with revenue increasing by 71 0% year-on-year in the first three quarters of 2024 [1][9] Financial Performance - For Q1-3 2024, WuXi AppTec achieved revenue of RMB 27 7 billion (down 6 2% year-on-year, but up 4 6% excluding COVID-19 commercial projects) and net profit attributable to shareholders of RMB 6 53 billion (down 19 1% year-on-year) [1][5] - Q3 2024 revenue was RMB 10 46 billion (down 2 0% year-on-year, but up 14 6% excluding COVID-19 commercial projects) [1][5] - Adjusted Non-IFRS net profit attributable to shareholders for Q3 2024 was RMB 2 97 billion, up 20 9% quarter-on-quarter [1][5] Business Segments - Chemical business: The CRDMO model drove growth, with 915 new molecules added in the first three quarters of 2024, including 898 pre-clinical and clinical I projects, 14 clinical II projects, 1 clinical III project, and 2 commercial projects [1][8] - ATU business: Revenue and gross margin declined year-on-year due to the impact of proposed US legislation, but 59 ATU CDMO projects were still in progress, including the world's first TIL commercial project [1][8] - TIDES business: Revenue reached RMB 3 55 billion in the first three quarters of 2024, with a 196% year-on-year increase in orders [1][9] Order Book and Client Base - As of September 2024, the company's order book reached RMB 43 82 billion, up 35 2% year-on-year excluding COVID-19 commercial projects [1][9] - Revenue from the top 20 global pharmaceutical clients was RMB 11 22 billion in the first three quarters of 2024, up 23 1% year-on-year excluding COVID-19 commercial projects [1][9] Financial Forecasts - Revenue for 2024/2025/2026 is projected to be RMB 39 27/43 96/49 30 billion, with year-on-year growth rates of -2 7%/11 9%/12 1% [2][10] - Net profit attributable to shareholders for 2024/2025/2026 is expected to be RMB 9 44/10 77/12 28 billion, with year-on-year growth rates of -1 71%/14 03%/14 08% [2][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][10]. Core Insights - The company's performance in 2024 is expected to show a revenue growth of 2.70%-8.60% after excluding specific commercial production projects, with a projected revenue range of 383-405 billion yuan [7]. - The company reported a total revenue of 277.02 billion yuan for Q1-Q3 2024, a year-on-year decrease of 6.23%, but a 4.60% increase when excluding specific projects [5]. - The company has a strong order backlog of 438.20 billion yuan as of September 2024, reflecting a 35.20% year-on-year growth [7]. Financial Summary - The company's main revenue for 2024 is projected at 388.67 billion yuan, with a net profit of 94.85 billion yuan, resulting in an EPS of 3.28 yuan [4][8]. - The P/E ratio is expected to decrease from 16.29 in 2024 to 12.83 in 2026, indicating improving valuation metrics [4][8]. - The company achieved a net profit of 66.82 billion yuan for Q1-Q3 2024, down 14.22% year-on-year, with Q3 alone showing a net profit of 22.68 billion yuan, a decrease of 23.08% [5][6]. Business Segment Performance - The chemical business generated 200.94 billion yuan in revenue for Q1-Q3 2024, with a 10.40% increase when excluding specific projects [6]. - TIDES business (oligonucleotides and peptides) revenue grew by 71.00% to 35.50 billion yuan, with expectations for over 60% growth for the full year [6]. - The testing business saw a revenue decline of 4.86% to 46.18 billion yuan, primarily due to reduced industry demand and increased competition [6].

Investment Rating - Maintains an "Overweight" rating [2][3] - Target price raised to 71.82 RMB (previously 52.96 RMB) [2][3] Core Views - Strong growth in backlog, with TIDES business contributing significantly to future growth [2] - Revenue for 2024 Q1-Q3 was 27.702 billion RMB (-6.23% YoY), with net profit attributable to shareholders at 6.533 billion RMB (-19.11% YoY) [2] - Q3 revenue was 10.461 billion RMB (-1.96% YoY), with net profit attributable to shareholders at 2.293 billion RMB (-17.02% YoY) [2] - EPS forecasts for 2024-2026 adjusted to 3.34/3.78/4.27 RMB, reflecting improved profitability from cost reductions and capacity utilization [2] Business Performance - Chemical business revenue grew 10.4% YoY in 2024 Q1-Q3, excluding COVID-related commercial orders [2] - Testing business revenue declined 4.9% YoY, with clinical CRO and SMO revenue growing 3.4% and 16% respectively [2] - Biology business revenue declined 3.6% YoY, but new molecule types grew 6.0% [2] - High-end therapy CTDMO business revenue declined 17.0% YoY due to early-stage commercialization and project delays [2] - Backlog as of 2024 Q3 reached 43.82 billion RMB, up 35.2% YoY, with revenue from top 20 global pharmaceutical companies at 11.22 billion RMB [2] TIDES Business - TIDES business revenue grew 71.0% YoY in 2024 Q1-Q3, reaching 3.55 billion RMB [2] - Backlog for TIDES business increased 196% YoY, with D&M service customers growing 20% and molecules served growing 22% [2] - Capacity expansion expected, with solid-phase synthesis reactor volume projected to reach 41,000L by end of 2024 [2] Financial Summary - 2024E revenue forecast at 39.459 billion RMB (-2.2% YoY), with net profit attributable to shareholders at 9.638 billion RMB (+0.3% YoY) [8] - 2025E revenue forecast at 44.451 billion RMB (+12.7% YoY), with net profit attributable to shareholders at 10.905 billion RMB (+13.1% YoY) [8] - 2026E revenue forecast at 49.858 billion RMB (+12.2% YoY), with net profit attributable to shareholders at 12.336 billion RMB (+13.1% YoY) [8] - ROE expected to remain stable at around 16.3%-16.4% from 2024E to 2026E [8] Valuation and Market Data - Current price at 52.00 RMB, with a 52-week range of 36.87-90.88 RMB [4] - Market capitalization at 150.176 billion RMB, with 2.888 billion total shares and 2.501 billion A-shares outstanding [4] - P/E ratio for 2024E at 15.58x, with P/B ratio at 2.55x [8] Industry Comparison - Comparable companies include WuXi Biologics (2269 HK) with a 2024E P/E of 18.85x and Pharmaron (300759 SZ) with a 2024E P/E of 30.25x [10] - Average P/E for comparable companies in 2024E is 22.4x [10]

f憶证券 医药生物/医疗服务 公 司 研 究 药明康德（603259.SH） 2024 年 10 月 31 日 营收环比稳健增长，TIDES 等新业务领域快速发展 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/31 | | 当前股价 ( 元 ) | 52.00 | | 一年最高最低 ( 元 ) | 92.60/36.36 | | 总市值 ( 亿元 ) | 1,501.76 | | 流通市值 ( 亿元 ) | 1,300.48 | | 总股本 ( 亿股 ) | 28.88 | | 流通股本 ( 亿股 ) | 25.01 | | 近 3 个月换手率 (%) | 148.64 | 股价走势图 -90% -60% -30% 0% 30% 2023-10 2024-02 2024-06 2024-10 药明康德 沪深300 小分子 D&M 管线持续扩张，TIDES 业务增长强劲 2024Q3 公司化学业务实现营收 78.8 亿元，同比增长 1.4%，剔除新冠商业化项目 同比增长 ...

药明康德（603259.SH） 医疗服务 证券研究报告/公司点评报告 2024 年 10 月 30 日 在手订单增长提速，整体业务呈逐步恢复态势 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

药明康德(603259. SH) 医疗服务 在手订单增长提速,整体业务呈逐步恢复态 证券研究报告/公司点评报告 2024 年 10 月 30 日 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

上 市 公 司 证 券 研 究 报 告 医药生物 2024 年 10 月 29 日 药明康德 (603259) ——在手订单加速，需求逐步回暖 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 29 日 | | 收盘价（元） | 53.49 | | 一年内最高/最低（元） | 92.60/36.36 | | 市净率 | 2.8 | | 息率（分红 / 股价） | 1.85 | | 流通 A 股市值（百万元） | 133,774 | | 上证指数/深证成指 | 3,286.41/10,543.33 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 18.95 | | | | | 资产负债率 % | 25.13 | | 总股本/流通 A 股（百万） ...

30 Oct 2024 CMB International Global Markets | Equity Research | Company Update WuXi AppTec (603259 CH) Earnings recovery underway WuXi AppTec reported 3Q24 revenue of RMB10.46bn, slightly down 2.0% YoY, and attributable adjusted non-IFRS net profit of RMB2.97bn, down 3.2% YoY. Total non-COVID revenue and non-COVID Chemistry revenue growth rebounded to 14.6% YoY and 26.4% YoY, respectively, in 3Q24. Despite the challenging geopolitical environment, mgmt. reiterated its revenue guidance of RMB38.3- 40.5bn fo ...