Investment Rating - The investment rating for WuXi AppTec is "Buy" (maintained) [1] Core Views - The company is experiencing a recovery in overall business, with a significant increase in backlog orders, expected to achieve stable revenue growth of 2.7% to 8.6% excluding COVID-19 commercialization projects in 2024 [1][2] - For the first three quarters of 2024, the company reported revenue of 27.70 billion yuan, a year-on-year decrease of 6.23%, and a net profit attributable to shareholders of 6.53 billion yuan, down 19.11% year-on-year [2][3] - The company anticipates a gradual recovery in revenue driven by improved demand from overseas financing and strong growth in its TIDES business [1][2] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 39,354.78 million yuan - 2023A: 40,340.81 million yuan - 2024E: 39,403.85 million yuan - 2025E: 43,631.07 million yuan - 2026E: 49,615.55 million yuan - Year-on-year growth rates: 2023A (2.51%), 2024E (-2.32%), 2025E (10.73%), 2026E (13.72%) [1] - **Net Profit Forecasts**: - 2022A: 8,813 million yuan - 2023A: 9,606.75 million yuan - 2024E: 9,845 million yuan - 2025E: 11,057.59 million yuan - 2026E: 12,925.37 million yuan - Year-on-year growth rates: 2023A (9.00%), 2024E (2.48%), 2025E (12.32%), 2026E (16.89%) [1] - **Earnings Per Share (EPS)**: - 2022A: 3.05 yuan - 2023A: 3.33 yuan - 2024E: 3.41 yuan - 2025E: 3.83 yuan - 2026E: 4.48 yuan [1] - **Market Capitalization**: - As of October 30, 2024, the market capitalization is approximately 150.58 billion yuan [1] Business Segment Performance - **TIDES Business**: - Revenue for the TIDES business in Q1-Q3 2024 reached 3.55 billion yuan, showing a robust growth of 71.0% year-on-year, with backlog orders increasing by 196% [1][2] - **CDMO Business**: - Revenue for the CDMO segment was 12.47 billion yuan in Q1-Q3 2024, with a year-on-year growth of approximately 7% [1] - **Testing Services**: - Revenue for testing services was 4.62 billion yuan in Q1-Q3 2024, down 4.9% year-on-year, with laboratory analysis and testing services contributing 3.26 billion yuan [1][2] Profitability Metrics - **Gross Margin**: - The gross margin for Q1-Q3 2024 was 40.65%, a decrease of 0.65 percentage points year-on-year [1] - **Net Profit Margin**: - The net profit margin for Q1-Q3 2024 was 23.83%, down 3.75 percentage points year-on-year [1] Valuation Ratios - **P/E Ratio**: - 2023A: 17.08 - 2024E: 15.67 - 2025E: 15.30 - 2026E: 13.62 [1] - **P/B Ratio**: - 2023A: 3.23 - 2024E: 2.73 - 2025E: 2.32 - 2026E: 2.06 [1]

Investment Rating - The investment rating for WuXi AppTec (603259) is "Buy" [6] Core Views - The company reported a revenue of 27.7 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.2%. However, excluding specific commercial production project revenues, there was a growth of 4.6%. The adjusted net profit attributable to the parent company was 7.35 billion yuan, down 10.1% year-on-year [5][6] - The company maintains its full-year guidance, expecting revenue to reach between 38.3 billion and 40.5 billion yuan for 2024, with a positive growth forecast of 2.7% to 8.6% when excluding COVID-19 commercial projects [6] - The order backlog has accelerated, with a total of 43.82 billion yuan as of September 30, 2024, representing a year-on-year increase of 35.2% when excluding COVID-19 orders [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the chemical business segment generated a revenue of 20.09 billion yuan, with a year-on-year growth of 10.4% when excluding specific commercial production projects. The revenue for Q3 alone was 7.88 billion yuan, showing a year-on-year increase of 1.4% [5][6] - The total revenue for 2024 is projected to be 40.39 billion yuan, with a slight year-on-year growth of 0.1% expected [7][8] - The net profit attributable to the parent company is forecasted to be 10.0 billion yuan for 2024, reflecting a year-on-year increase of 4.1% [7][8] Business Segments - The TIDES segment saw a significant year-on-year revenue growth of 71.0% in the first three quarters of 2024, amounting to 3.55 billion yuan [5][6] - The Testing segment's revenue was 4.62 billion yuan, down 4.9% year-on-year, while the clinical CRO and SMO business generated 1.36 billion yuan, showing a year-on-year growth of 3.4% [5][6] Profitability Metrics - The projected net profit margins for 2024 are expected to remain stable, with an adjusted net profit margin level similar to the previous year [6] - The company anticipates a PE ratio of 15 for 2024 and 2025, and 13 for 2026, indicating a favorable valuation outlook [6]

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 ...

浦银国际研究 浦银国际 公司研究 目标价（港元） 56.0 潜在升幅/降幅 +6% 目前股价（港元） 52.8 52 周内股价区间（港元） 27.5-103.6 总市值（百万港元） 167,502 近 3 月日均成交额（百万港元） 441 SPDBI 目标价 ◆ 目前价 ◆市场预期区间 *数据截至 2024 年 10 月 28 日 资料来源：Bloomberg、浦银国际 药明康德 药明康德(603259.CH) 目标价（人民币） 62.0 潜在升幅/降幅 +16% 目前股价（人民币） 53.4 52 周内股价区间（人民币） 36.3-93.6 总市值（百万人民币） 153,659 近 3 月日均成交额(百万人民币) 2,869 （2359.HK/603259.CH） 公司研究 | 医药行业 药明康德（2359.HK/603259.CH）：3Q24 经 调整归母净利略高于预期，维持全年收入 利润指引 公司 3Q24 收入大致符合我们预期，经调整 Non-IFRS 归母净利润略 好于我们预期。公司维持全年收入利润指引不变，上调全年自由现 金流指引，主要系下调资本开支指引。上调港股/A 股目标价至 56 港元/人民 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of WuXi AppTec, with current prices at 53.49 CNY and 53.25 HKD respectively [5]. Core Views - The company reported a revenue of 27.7 billion CNY for the first three quarters of 2024, a year-over-year decrease of 6.2%, and a net profit attributable to shareholders of 6.53 billion CNY, down 19.1% year-over-year, which aligns with expectations [1]. - The conventional business is developing steadily, with a quarter-on-quarter revenue improvement expected. In Q3 2024, the company achieved a revenue of 10.46 billion CNY, a year-over-year decline of 1.96%, and a net profit of 2.29 billion CNY, down 17.02% year-over-year [2]. - The order backlog is growing rapidly, with a total of 43.8 billion CNY in orders as of Q3 2024, a year-over-year increase of 35.2%. The new molecular (TIDES) business saw a significant order increase of 196% [3]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 10.46 billion CNY and a net profit of 2.29 billion CNY, with a notable decline in net profit margins [2]. - The first three quarters of 2024 showed a total revenue of 27.7 billion CNY and a net profit of 6.53 billion CNY, indicating a decrease compared to the previous year [1]. Business Segments - The conventional business is showing resilience, with a 4.6% year-over-year revenue increase when excluding the impact of COVID-19 commercialization projects [2]. - The TIDES business is expected to achieve over 60% revenue growth for the year, with Q3 revenue reaching 3.55 billion CNY, a 71% increase year-over-year [3]. Profitability and Valuation - The report forecasts net profits for 2024-2026 at 9.23 billion CNY, 10.28 billion CNY, and 11.15 billion CNY respectively, with corresponding year-over-year changes of -3.93%, +11.32%, and +8.49% [3]. - The projected P/E ratios for A-shares are 17, 15, and 14 for the years 2024, 2025, and 2026 respectively, while for H-shares, they are 15, 14, and 13 [3].

Investment Rating - The investment rating for WuXi AppTec is maintained at "Buy-A" with a target price of 72.20 CNY per share [6][9]. Core Views - The company reported a revenue of 27.702 billion CNY and a net profit attributable to shareholders of 6.533 billion CNY for the first three quarters of 2024, representing a year-on-year decline of 6.23% and 19.11% respectively [2][3]. - The company is experiencing a recovery in its order backlog, with total orders reaching 43.82 billion CNY as of September 2024, a year-on-year increase of 35.2% [3]. - The TIDES business segment continues to show strong growth, with revenue of 3.55 billion CNY for the first three quarters of 2024, a year-on-year increase of 71.0% [4]. - The small molecule CDMO pipeline is expanding, with revenue of approximately 12.47 billion CNY for the first three quarters of 2024, showing a year-on-year growth of 7.0% when excluding specific commercial production projects [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 27.702 billion CNY and a net profit of 6.533 billion CNY, with respective year-on-year declines of 6.23% and 19.11% [2][3]. - The revenue from the chemical business was 20.094 billion CNY (-5.40%), testing business 4.618 billion CNY (-4.86%), biological business 1.826 billion CNY (-3.64%), high-end therapeutic CTDMO business 0.853 billion CNY (-17.04%), and domestic new drug R&D services 0.290 billion CNY (-41.01%) [2]. Order Backlog and Future Outlook - The company has a robust order backlog, with total orders reaching 43.82 billion CNY as of September 2024, reflecting a 35.2% year-on-year increase [3]. - The TIDES business segment is expected to see annual revenue growth exceeding 60% due to strong order growth and capacity expansion [4]. Business Segments - The TIDES business segment reported a revenue of 3.55 billion CNY for the first three quarters of 2024, with a year-on-year growth of 71.0% [4]. - The small molecule CDMO segment generated approximately 12.47 billion CNY in revenue for the first three quarters of 2024, with a 7.0% year-on-year growth when excluding specific projects [5].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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10月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | | 說明 | 於上海證券交易所上市 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | ...

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec (603259.SH) [1][3]. Core Views - WuXi AppTec's revenue for the first three quarters of 2024 was 27.7 billion yuan, a year-on-year decrease of 6.2%, but a 4.6% growth rate when excluding COVID-19 related projects. The net profit attributable to shareholders was 6.53 billion yuan, down 19.1% year-on-year, while adjusted net profit was 7.35 billion yuan, down 10.1% year-on-year. In Q3 alone, revenue reached 10.46 billion yuan, a quarter-on-quarter increase of 13.0% and a non-COVID year-on-year growth of 14.6% [1]. - The company continues to see strong growth in its order backlog, with a total of 43.82 billion yuan in hand orders, representing a year-on-year increase of 35.2%. The demand from innovative projects and new contracts remains robust, particularly in the U.S. and Europe [1]. - WuXi AppTec aims for a revenue target of 38.3 to 40.5 billion yuan for 2024, with a year-on-year growth of 2.7% to 8.6% when excluding COVID-19 projects [1]. Summary by Sections Financial Performance - For Q3 2024, WuXi AppTec reported a revenue of 10.46 billion yuan, with a quarter-on-quarter growth of 13.0% and a year-on-year growth of 14.6% excluding COVID-19 projects. The adjusted net profit for Q3 was 2.97 billion yuan, reflecting a quarter-on-quarter increase of 20.9% [1]. - The company’s revenue for the first three quarters was 27.7 billion yuan, with a net profit of 6.53 billion yuan, down 19.1% year-on-year [1]. Business Segments - The CDMO commercialization projects are performing strongly, with WuXi Chemistry achieving a revenue of 20.09 billion yuan in the first three quarters, a non-COVID growth of 10.4%. The TIDES business saw a revenue increase of 71.0% year-on-year, with a backlog growth of 196% [1]. - WuXi Testing reported a revenue of 4.62 billion yuan, down 4.9% year-on-year, while WuXi Biology's revenue was 1.83 billion yuan, down 3.6% year-on-year [1]. Investment Outlook - The report projects net profits for WuXi AppTec to be 9.316 billion yuan in 2024, 10.508 billion yuan in 2025, and 12.134 billion yuan in 2026, corresponding to PE ratios of 17, 15, and 13 respectively [1][4].

Core Viewpoint - WuXi AppTec (药明康德) reported steady revenue and profit growth in Q3, despite uncertainties in the industry due to proposed U.S. biosafety laws [1][2] Financial Performance - The company achieved a total revenue of 277.02 billion yuan in the first three quarters, with Q3 revenue reaching 104.61 billion yuan, a year-on-year increase of 14.6% after excluding commercial projects [1] - The net profit attributable to shareholders for the first three quarters was 65.33 billion yuan, with an adjusted non-IFRS net profit of 73.64 billion yuan [1] - Free cash flow for the first three quarters reached 55.6 billion yuan, showing a 10.4% year-on-year growth after excluding COVID-19 commercial projects [1] Order Backlog and Client Base - The company's order backlog reached a record high of 438.2 billion yuan by the end of Q3, indicating sustained demand for WuXi AppTec's services despite external uncertainties [1] - The company maintained a large active client base of over 6,000, adding more than 800 new clients in the first three quarters [1] Revenue by Region - Revenue from the U.S. market was 176.2 billion yuan, with a year-on-year growth of 7.6% after excluding COVID-19 commercial projects [2] - Revenue from Europe reached 35.3 billion yuan, showing a year-on-year increase of 14.8% [2] - Revenue from China was 51.6 billion yuan, reflecting a year-on-year decline of 3.9% [2] - Revenue from Japan and other countries was 14 billion yuan, with a year-on-year decline of 16.5% [2] Business Segments - The chemical business segment (WuXi Chemistry) returned to positive year-on-year growth in Q3 after four quarters of decline, with a 26.4% increase after excluding COVID-19 commercial projects [2] - The TIDES business (oligonucleotides and peptides), driven by GLP-1 drugs, reported a revenue of 35.5 billion yuan in the first three quarters, representing a strong year-on-year growth of 71% [2] Future Outlook - The company expects to meet its annual targets, projecting total revenue between 383 billion and 405 billion yuan, free cash flow of 60 billion to 70 billion yuan, and adjusted non-IFRS net profit margins to remain consistent with the previous year [3] - Q4 revenue is anticipated to continue its growth trend [3]

财联社10月28日讯（编辑 冯轶） 财联社为您带来今日港股重要公告 1）业绩速递 中国海洋石油(00883.HK)： 前三季度实现油气销售收入约2714.3亿元，同比上升13.9%；三季度营收 3260.24亿元，同比增加6.3%，净利润1166.59亿元，同比增加19.5%。 中国石油化工股份(00386.HK)： 前三季度营收23665.41亿元，同比减少4.2%，净利润442.47亿元，同比 减少16.5%。 药明康德(02359.HK)： 前9月营收约277.02亿元，同比减少6.23%；净利润约65.33亿元，同比减少 19.11%。 北京汽车(01958.HK)： 前三季度总收入为1440.21亿元，同比下降6.9%；净利润为102.90亿元，同比下 降22.3%。 阳光保险(06963.HK)：前9月阳光人寿营收289.95亿元，净利润50.78亿元；阳光财险营收379.34亿元， 净利润9.11亿元。 郑煤机(00564.HK)：三季度营收278.39亿元，净利润30.59亿元，同比增加23.97%。 安徽皖通高速公路(00995.HK)：前9月营收约50.43亿元，同比增长16.1%，净利润 ...