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8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9月2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. 股份分類 | 普通股 | 股份類別 A | | ...

Investment Rating - The investment rating for WuXi AppTec (603259.SH) is "Outperform the Market" [5][14]. Core Views - The core business is steadily recovering, with a positive trend in backlog orders. The company reported a total revenue of 17.24 billion yuan in the first half of 2024, a year-on-year decrease of 8.6%, but excluding COVID-19 commercialization projects, the decline is only 0.7%. The net profit attributable to shareholders was 4.24 billion yuan, down 20.2% year-on-year, while the adjusted Non-IFRS net profit was 4.37 billion yuan, down 14.2% year-on-year. The second quarter showed improvement with a revenue of 9.26 billion yuan, a year-on-year decrease of 6.5% but a quarter-on-quarter increase of 16.0% [1][6][8]. Summary by Sections Financial Performance - In the first half of 2024, the chemical business generated revenue of 12.21 billion yuan, a year-on-year decrease of 9.3%, but excluding COVID-19 projects, it increased by 2.1%. Other segments such as testing, biology, and ATU reported revenues of 3.02 billion yuan (down 2.4%), 1.17 billion yuan (down 5.2%), and 570 million yuan (down 19.4%) respectively [9][10]. Business Model and Growth Drivers - The integrated CRDMO model continues to drive development. The small molecule CDMO pipeline expanded with 644 new molecules added in the first half of 2024, including 632 in clinical and preclinical stages, 9 in clinical phase II, 1 in clinical phase III, and 2 commercial projects. The ATU business faced a decline in revenue and gross margin due to proposed legislation in the U.S., but several commercialization projects are actively progressing [10][11]. Order Backlog and TIDES Business - The backlog of orders reached 43.1 billion yuan, showing a year-on-year increase of 33.2% when excluding COVID-19 projects. The TIDES business reported revenue of 2.08 billion yuan in the first half of 2024, a year-on-year increase of 57.2%, with backlog orders growing by 147% [13][14]. Profitability and Financial Metrics - The gross margin for the first half of 2024 was 39.4%, down 1.2 percentage points, while the net margin was 24.8%, down 3.6 percentage points. The company maintained good cost control with a sales expense ratio of 2.1% and a management expense ratio of 10.7% [8][9]. Future Earnings Forecast - The earnings forecast for 2024-2026 remains unchanged, with projected revenues of 39.27 billion yuan, 43.96 billion yuan, and 49.30 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of -2.7%, 11.9%, and 12.1%. The net profit attributable to shareholders is expected to be 9.443 billion yuan, 10.767 billion yuan, and 12.283 billion yuan for the same years, with growth rates of -1.71%, 14.03%, and 14.08% respectively [2][14].

证券代码：603259 证券简称：药明康德 公告编号：临 2024-056 无锡药明康德新药开发股份有限公司 关于召开 2024 年半年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： （三）会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 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 7 月 30 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 年半年度报告》。为了便于广大投资者更全面深入 地了解本公司 2024 年半年度业绩和经营情况，本公司拟于 2024 年 8 月 30 日（星 期五）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 年半年 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。 二、 业绩说明会召开的时间、地点 ...

[Table_MainInfo] 公司研究/医药与健康护理/生物科技 证券研究报告 药明康德（603259）公司半年报点评 2024 年 08 月 21 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |------------------------------------------|----------------------------| | 08[Table_StockInfo 月 20日收盘价（元）] | 39.30 | | 52 周股价波动（元） | 36.36-93.56 | | 总股本/流通 A 股（百万股） | 2912/2525 | | 总市值/流通市值（百万元 | 114439/99227 | | 相关研究 | | | [Table_ReportInfo] 《药明康德 2023 | 年报点评：全年收入利润稳 | | 健增长， TIDES | 业 务 订 单 增 长 显 著 》 | | 2024.03.26 | | | 《药明康德公告点评：美国相关生物安全法案 | | | 仍处草案阶段，看好公司合规运营与长期发 | | 展》202 ...

单二季度环比改善，新分子业务增长强劲 ——药明康德 24H1 点评 核心观点 ⚫ 事件：公司近期发布 2024 年中报，上半年实现营业收入 172.41 亿元，同比-8.6%， 剔除新冠商业化项目同比-0.7%；经调整 Non-IFRS 归母净利润 43.7 亿元，同比14.2%。第二季度实现营业收入 92.6 亿元，环比+16.0%，经调整 Non-IFRS 归母净 利润 24.6 亿元，同比+28.5%。外部环境虽有挑战，公司上半年仍保持稳健经营，二 季度收入和利润环比均稳步提升。 ⚫ 新冠商业化订单影响逐渐消除，新分子为核心增长点。分业务看，1）化学业务上半 年收入同比-9.3%，剔除新冠业务收入同比+2.1%，第二季度收入环比+19.6%，改 善显著。新分子（TIDES）业务持续高速增长，收入同比+57.2%，主要系 GLP-1 相 关行业需求旺盛，新分子已成为重要的业绩增量来源。2）测试业务上半年收入同比 -2.4%，其中实验室分析业务受市场需求影响较大，临床 CRO 业务增长稳定，同比 +5.8%。3）生物学业务上半年收入同比-5.2%。新分子业务持续发力，收入同比 +8.1%，收入占比由 23H ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 67.72 CNY [1]. Core Insights - The company reported a revenue of 17.241 billion CNY in the first half of 2024, a year-on-year decrease of 8.6%, excluding COVID-19 commercialization projects, the revenue decline was 0.7%. The adjusted Non-IFRS net profit was 4.37 billion CNY, down 14.2% year-on-year. In the second quarter, revenue reached 9.26 billion CNY, a quarter-on-quarter increase of 16.0%, with an adjusted Non-IFRS net profit of 2.46 billion CNY, up 28.5% year-on-year [2][3]. Financial Summary - **Revenue (CNY million)**: - 2022A: 39,355 - 2023A: 40,341 - 2024E: 40,074 - 2025E: 45,044 - 2026E: 52,630 - **Year-on-Year Growth (%)**: - 2022A: 71.8% - 2023A: 2.5% - 2024E: -0.7% - 2025E: 12.4% - 2026E: 16.8% [2]. - **Net Profit (CNY million)**: - 2022A: 8,814 - 2023A: 9,607 - 2024E: 9,370 - 2025E: 10,747 - 2026E: 12,778 - **Year-on-Year Growth (%)**: - 2022A: 72.9% - 2023A: 9.0% - 2024E: -2.5% - 2025E: 14.7% - 2026E: 18.9% [2]. - **Earnings Per Share (CNY)**: - 2022A: 3.03 - 2023A: 3.30 - 2024E: 3.22 - 2025E: 3.69 - 2026E: 4.39 [2]. Business Segment Performance - The chemical business saw a revenue decline of 9.3% in the first half of the year, but excluding COVID-19 business, it grew by 2.1%. The second quarter showed a significant improvement with a quarter-on-quarter increase of 19.6%. The new molecule (TIDES) business continued to grow rapidly, with a year-on-year increase of 57.2% due to strong demand in the GLP-1 related industry [3]. - The testing business experienced a revenue decline of 2.4%, with laboratory analysis significantly impacted by market demand, while clinical CRO business grew steadily by 5.8% [3]. - The biological business reported a revenue decline of 5.2%, but the new molecule business grew by 8.1%, increasing its revenue share from 25.4% in H1 2023 to 29.0% [3]. - The ATU business faced a revenue decline of 19.4%, primarily due to early-stage commercialization projects and delays or cancellations of some projects [3]. Order Backlog and Future Growth - Despite external challenges, the company maintained a strong order backlog, with total orders amounting to 43.1 billion CNY as of June 2024, a year-on-year increase of 33.2% when excluding COVID-19 commercialization orders. The TIDES order backlog saw a robust year-on-year growth of 147% [3]. - The company is well-positioned to leverage new molecule development opportunities to drive long-term growth [3]. Profit Forecast and Investment Recommendation - The profit forecast for 2024-2026 is adjusted to 9.37 billion CNY, 10.75 billion CNY, and 12.78 billion CNY respectively, down from previous estimates due to external environment disturbances and industry conditions [3]. - The company is currently valued at a reasonable level with a target price of 67.62 CNY based on a 21x P/E ratio for 2024, maintaining a "Buy" rating [3].

[Table_Page] 中报点评|医疗服务 证券研究报告 [Table_Title] 药明康德(603259.SH/02359.HK) 新分子业务高速增长，整体订单趋势向好 [Table_Summary] 核心观点： ⚫ 新分子业务高速增长，chemistry 项目订单积累保障公司稳定增长。 根据公司2024H1半年报披露，2024H1公司实现营业收入 172.4亿元， 同比下降 8.64%；其中化学业务实现收入 122.1 亿元，剔除特定商业 化大单后同比增长 2.1%，Tides 业务实现收入 20.8 亿元，同比增长 57.2%；测试业务实现收入 30.2 亿元，同比下降 2.4%；生物学业务实 现收入 11.7 亿元，同比减少 5.2%。2024H1 公司实现毛利收入 67.87 亿元，同比减少 11.23%，其中主营业务毛利率 39.36%。 ⚫ 抵抗外部环境变动，订单趋势向好。根据公司 2024H1 半年报披露， 2024H1 公司新增客户 500 家，截止至 2024 年 6 月末在手订单人民币 431 亿元，剔除特定商业化订单同比增长 33.2%；TIDES 在手订单同 比增长 147%，D ...

丨证券研究报告丨 公司研究丨点评报告丨药明康德（603259.SH） [Table_Title] 药明康德 2024 年中报点评：Q2 环比改善，在 手订单高增速坚定信心 报告要点 [Table_Summary] 公司发布 2024 年半年度报告，2024H1 实现营收 172.41 亿元，同比下降 8.64%；实现扣非净 利润 44.14 亿元，同比下降 8.33%；实现经调整 Non-IFRS 归母净利润 43.7 亿元，同比下降 14.2%；若剔除特定商业化生产项目，24H1 收入同比大致持平（-0.7%）。分季度来看，第二季 度收入和利润按计划环比稳步提升；分业务来看，TIDES 业务贡献高增长。尽管有外部环境干 扰，公司在手订单增长依然强劲，坚定了未来发展信心。 分析师及联系人 [Table_Author] 彭英骐 郭心驰 SAC：S0490524030005 SAC：S0490524020001 SFC：BUZ392 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 药明康德（603259.SH） [Table_Title 药明康德 2024 2] 年 ...

证券研究报告 | 公司动态点评 2024 年 07 月 30 日 药明康德（603259.SH） 在手订单保持双位数增长，全年业绩有望维稳 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 39,355 | 40,341 | 39,223 | 45,102 | 51,806 | | 增长率 yoy（%） | 71.8 | 2.5 | -2.8 | 15.0 | 14.9 | | 归母净利润（百万元） | 8,814 | 9,607 | 9,378 | 10,820 | 12,430 | | 增长率 yoy（%） | 72.9 | 9.0 | -2.4 | 15.4 | 14.9 | | ROE（%） | 19.0 | 17.5 | 15.3 | 15.6 | 15.8 | | EPS 最新摊薄（元） | 3.03 | 3. ...

Investment Rating - The report maintains an "Accumulate" rating for WuXi AppTec (603259) [2][7] Core Views - The company has shown strong growth in its order backlog and is accelerating the development of its TIDES business. The company reaffirms its annual performance guidance, indicating a positive long-term growth outlook [7][8] - The target price has been adjusted down to 52.96 from the previous 65.17, reflecting a revised earnings per share (EPS) forecast for 2024-2026 [7] Financial Summary - For 2024H1, the company reported revenue of 17.24 billion yuan, a year-on-year decrease of 8.6%, and a non-IFRS net profit of 4.41 billion yuan, down 8.3% year-on-year [7] - The revenue from the chemical business was 12.21 billion yuan, with a 2.1% year-on-year increase when excluding COVID-19 related orders [7] - The TIDES business revenue reached 2.08 billion yuan in 2024H1, showing a significant growth of 57.2% year-on-year, with a backlog increase of 147% [7] Order Backlog and Growth - As of 2024H1, the order backlog stands at 43.1 billion yuan, with a year-on-year growth of 33.2% when excluding specific commercial production projects [7] - The company has added 644 new molecules in 2024H1, with growth rates of 7% for R&D, 18% for D, and 20% for M segments [7] Market Position and Competitiveness - The company continues to maintain its leading position in the industry, with significant contributions from its peptide business and ongoing improvements in operational efficiency [7][8] - The report highlights the potential for long-term growth driven by the expansion of the TIDES business and the addition of new clients and projects [7]