公司快报 2024 年 10 月 29 日 药明康德(603259.SH) 在手订单持续复苏，公司迎来边际改善 事件： 公司发布了 2024 年第三季度报告，2024 年前三季度公司分别实现营 收和归母净利润 277.02 亿元和 65.33 亿元，分别同比下降 6.23%和 19.11%。 2024Q3 收入环比持续向好，公司持续稳健经营： 2024 年前三季度公司分别实现营收和归母净利润 277.02 亿元和 65.33 亿元，分别同比下降 6.23%和 19.11%。其中，化学业务、测试 业务、生物学业务、高端治疗 CTDMO 业务、国内新药研发服务部分别 实现营收 200.94 亿元（-5.40%）、46.18 亿元（-4.86%）、18.26 亿元 （-3.64%）、8.53 亿元（-17.04%）、2.90 亿元（-41.01%）。从单季度 趋势来看，2024Q2、2024Q3 公司营收分别环比增长 16.00%和 12.98%， 2024Q3 收入环比持续向好，公司持续稳健经营。 在手订单持续复苏，公司未来业绩有望边际改善： 公司在 6000 家活跃客户基础上持续新增客户，持续丰富在手订单。 截 ...

药明康德（603259.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 订单保持高增长趋势，收入利润实现逐季度环比改善 2024 年 10 月 29 日 ➢ 事件：2024 年 10 月 28 日，药明康德发布 2024 年三季报，公司前三季度 实现收入 277.0 亿元，同比下降 6.2%，剔除新冠后增速 4.6%；归母净利润 65.3 亿元，同比下降 19.1%；经调整净利润 73.5 亿元，同比下降 10.1%。单季度看， Q3 实现收入 104.6 亿元，环比增长 13.0%，非新冠同比增速 14.6%；经调整净 利润 29.7 亿元，环比增长 20.9%。 ➢ 在手订单延续上半年高增长趋势，海外客户收入加速复苏。前三季度公司新 增客户 800+，在手订单 438.2 亿元，同比增长 35.2%，下游创新需求和新签订 单保持旺盛。分地区看，美国收入 176.2 亿元，非新冠增速为 7.6%，欧洲收入 35.3 亿元，同比增长 14.8%，欧美订单收入加速回暖。公司维持 2024 年 383- 405 亿元的收入目标，剔除新冠项目后同比增长 2.7%-8.6%，经调整 ...

证券时报记者 陈澄10月28日晚间，药明康德(603259)披露三季度业绩报告，公司收入和利润均按计划实 现环比稳步提升。 报告显示，公司前三季度营业收入277.02亿元，其中，第三季度重回百亿元至104.61亿元，若剔除商业 化项目影响，同比增长14.6%；前三季度归母净利润65.33亿元，经调整non-IFRS归母净利润73.64亿 元。 经营现金流剔除新冠商业化项目后同比增长10.4%，前三季度自由现金流达到55.6亿元。 值得一提的是，今年以来公司及所处行业一直饱受美国拟议生物安全法不确定性影响，而药明康德的在 手订单在三季度末再创新高至438.2亿元，可见尽管外部环境不确定性骤增，但行业对于药明康德服务 的需求在持续增长。 根据公司所披露的信息，在维持超过6000家庞大活跃的客户基础上，公司前三季度新增客户超过800 家。 从前三季度收入客户构成来看，来自全球前20大制药企业收入达到112.2亿元，剔除商业化项目同比增 长23.1%。 从区域来看，其收入依旧保持着与行业同步的趋势，其中来自创新的主要市场——美国的收入达到 176.2亿元，剔除新冠商业化项目同比增长7.6%；欧洲收入达到35.3亿元， ...

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 ...

药明康德：前三季度净利润同比下降19.11% 财联社10月28日电，药明康德公告，前三季度实现营业收 入277.02亿元，同比下降6.23%；归属于上市公司股东的净利润65.33亿元，同比下降19.11%。 查看公告原文 ...

Financial Performance - Revenue for the third quarter was RMB 10.46 billion, a decrease of 1.96% year-over-year[5] - Net profit attributable to shareholders for the third quarter was RMB 2.29 billion, down 17.02% year-over-year[5] - Cumulative revenue for the first three quarters of 2024 was RMB 27.70 billion, a decrease of 6.23% year-over-year[5] - Cumulative net profit attributable to shareholders for the first three quarters was RMB 6.53 billion, down 19.11% year-over-year[5] - Basic earnings per share for the third quarter were RMB 0.80, a decrease of 14.89% year-over-year[5] - Weighted average return on equity (ROE) for the third quarter was 4.12%, down 1.47 percentage points year-over-year[6] - Total revenue for the first three quarters of 2024 reached RMB 277.0 billion, a 4.6% increase excluding specific commercial production projects[10] - Total revenue for the first three quarters of 2024 was RMB 27,702,002,254.76, a decrease of 6.2% compared to RMB 29,541,326,133.58 in the same period of 2023[24] - Net profit for the first three quarters of 2024 was RMB 6,601,611,515.97, a decrease of 19.0% compared to RMB 8,148,647,084.33 in the same period of 2023[24] - Operating profit for the first three quarters of 2024 was RMB 7,890,869,263.36, a decrease of 19.5% compared to RMB 9,807,416,477.55 in the same period of 2023[24] - Comprehensive income for the first three quarters of 2024 reached 6,598,257,681.21 yuan, a decrease from 7,604,711,326.21 yuan in the same period of 2023[25] - Basic earnings per share for the first three quarters of 2024 were 2.25 yuan, down from 2.75 yuan in the same period of 2023[25] - Revenue for the first three quarters of 2024 was 27,702,002 thousand yuan, a decrease from 29,541,326 thousand yuan in the same period of 2023[30] - Gross profit for the first three quarters of 2024 was 11,098,161 thousand yuan, down from 12,071,476 thousand yuan in the same period of 2023[30] - Operating profit for the first three quarters of 2024 was 7,842,527 thousand yuan, compared to 9,988,476 thousand yuan in the same period of 2023[30] - Net profit for the first three quarters of 2024 was 6,601,612 thousand yuan, a decrease from 8,148,647 thousand yuan in the same period of 2023[30] - Net profit attributable to parent company holders in Q3 2024 was RMB 2,293,113 thousand, a decrease from RMB 2,763,287 thousand in Q3 2023[32] - Total comprehensive income for the first nine months of 2024 was RMB 6,598,258 thousand, down from RMB 7,604,712 thousand in the same period of 2023[32] - Adjusted non-IFRS net profit attributable to parent company owners for Q3 2024 was RMB 2,973.5 million, compared to RMB 3,072.4 million in Q3 2023, a decrease of 3.2%[37] - Adjusted non-IFRS net profit attributable to parent company owners for the first three quarters of 2024 was RMB 7,345.7 million, compared to RMB 8,167.1 million in the same period of 2023, a decrease of 10.1%[37] - Net profit attributable to parent company owners for Q3 2024 was RMB 2,293.1 million, a decrease of 17.0% compared to RMB 2,763.3 million in Q3 2023[37] - Net profit attributable to parent company owners for the first three quarters of 2024 was RMB 6,532.9 million, a decrease of 19.1% compared to RMB 8,076.4 million in the same period of 2023[37] Business Segment Performance - Revenue from the chemical business (WuXi Chemistry) for the first three quarters was RMB 20.09 billion, down 5.40% year-over-year[8] - Revenue from the testing business (WuXi Testing) for the first three quarters was RMB 4.62 billion, down 4.86% year-over-year[8] - WuXi Biology revenue decreased by 3.64% to RMB 182,594.01 million in Q3 2024[9] - WuXi ATU revenue declined by 17.04% to RMB 85,303.65 million in Q3 2024[9] - WuXi DDSU revenue dropped by 41.01% to RMB 28,970.17 million in Q3 2024[9] - Revenue from global top 20 pharmaceutical companies reached RMB 11.22 billion, up 23.1% excluding specific commercial production projects[10] - TIDES business revenue surged 71.0% to RMB 3.55 billion in the first three quarters of 2024[11] - Small molecule D&M business revenue grew 7.0% to RMB 12.47 billion excluding specific commercial production projects[11] - Clinical CRO and SMO business revenue increased by 3.4% to RMB 1.36 billion in the first three quarters of 2024[13] - Biology business revenue reached RMB 1.83 billion, with new molecule-related business growing 6.0%[13] - CTDMO business revenue was RMB 850 million, impacted by project delays and new order shortages[14] Financial Position - Total assets as of the end of the third quarter were RMB 74.24 billion, an increase of 0.77% compared to the end of the previous year[6] - Total assets as of September 30, 2024, were RMB 74,238,239,875.23, an increase of 0.8% compared to RMB 73,669,349,307.12 at the end of 2023[21] - Total liabilities as of September 30, 2024, were RMB 18,654,997,773.24, an increase of 2.8% compared to RMB 18,151,903,894.38 at the end of 2023[22] - Cash and cash equivalents as of September 30, 2024, were RMB 14,051,541,214.47, an increase of 2.1% compared to RMB 13,764,058,665.13 at the end of 2023[21] - Accounts receivable as of September 30, 2024, were RMB 8,014,543,781.69, an increase of 1.4% compared to RMB 7,901,380,298.53 at the end of 2023[21] - Inventory as of September 30, 2024, was RMB 5,347,792,758.02, an increase of 12.9% compared to RMB 4,736,229,956.28 at the end of 2023[21] - Total equity attributable to owners of the parent company as of September 30, 2024, was RMB 55,173,547,660.38, an increase of 0.1% compared to RMB 55,122,453,910.73 at the end of 2023[22] - Property, plant, and equipment increased to RMB 26,006,848 thousand as of September 30, 2024, compared to RMB 25,844,429 thousand at the end of 2023[33] - Total assets as of September 30, 2024, were RMB 74,238,240 thousand, up from RMB 73,669,349 thousand at the end of 2023[33] - Total liabilities as of September 30, 2024, were RMB 18,654,998 thousand, up from RMB 18,151,904 thousand at the end of 2023[34] - Cash and cash equivalents at the end of September 2024 were RMB 9,271,603 thousand, down from RMB 10,001,039 thousand at the end of 2023[33] Cash Flow - Net cash flow from operating activities for the first three quarters of 2024 was 8,379,092,385.15 yuan, compared to 10,316,787,859.57 yuan in the same period of 2023[27] - Net cash flow from investing activities for the first three quarters of 2024 was -3,194,216,873.13 yuan, an improvement from -5,781,965,276.30 yuan in the same period of 2023[27] - Net cash flow from financing activities for the first three quarters of 2024 was -5,904,884,477.90 yuan, compared to -3,303,987,419.68 yuan in the same period of 2023[29] - Net cash generated from operating activities for the first nine months of 2024 was RMB 8,052,215 thousand, a decrease from RMB 9,847,742 thousand in the same period of 2023[35] - Net cash used in investing activities for the first nine months of 2024 was RMB 2,866,621 thousand, compared to RMB 5,316,765 thousand in the same period of 2023[35] - Net cash used in financing activities for the first nine months of 2024 was RMB 5,905,603 thousand, an increase from RMB 3,300,141 thousand in the same period of 2023[36] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 385,041[17] - HKSCC NOMINEES LIMITED holds 387,025,502 shares, representing 13.2910% of the total shares[17] - Hong Kong Securities Clearing Company Limited holds 143,295,973 shares, representing 4.9210% of the total shares[17] - G&C VI Limited holds 143,015,795 shares, representing 4.9114% of the total shares[17] - G&C IV Hong Kong Limited holds 104,626,051 shares, representing 3.5930% of the total shares[17] - Beijing Zhongmin Yinfu Investment Management Co., Ltd. holds 87,074,568 shares, representing 2.9903% of the total shares[17] - G&C V Limited holds 73,105,843 shares, representing 2.5106% of the total shares[17] - China Industrial and Commercial Bank Co., Ltd. holds 63,865,186 shares, representing 2.1932% of the total shares[17] - SUMMER BLOOM INVESTMENTS (I) PTE. LTD. holds 60,597,907 shares, representing 2.0810% of the total shares[17] - China Bank Co., Ltd. holds 57,123,648 shares, representing 1.9617% of the total shares[17] Expenses and Other Financial Metrics - Research and development expenses for the first three quarters of 2024 were RMB 954,042,826.94, a decrease of 7.0% compared to RMB 1,025,811,070.87 in the same period of 2023[24] - Equity incentive expenses for Q3 2024 were RMB 79.4 million, a decrease of 49.2% compared to RMB 156.2 million in Q3 2023[37] - Equity incentive expenses for the first three quarters of 2024 were RMB 244.4 million, a decrease of 49.1% compared to RMB 480.6 million in the same period of 2023[37] - Exchange rate fluctuation-related losses for Q3 2024 were RMB 629.8 million, compared to a gain of RMB 18.3 million in Q3 2023[37] - Exchange rate fluctuation-related losses for the first three quarters of 2024 were RMB 658.7 million, compared to a gain of RMB 354.8 million in the same period of 2023[37] - Amortization of intangible assets from acquisitions for Q3 2024 was RMB 13.3 million, a decrease of 10.1% compared to RMB 14.8 million in Q3 2023[37] - Amortization of intangible assets from acquisitions for the first three quarters of 2024 was RMB 40.3 million, a decrease of 6.9% compared to RMB 43.3 million in the same period of 2023[37]

2024 年 10 月 21 日 财务资料 招银国际环球市场 | 睿智投资 | 公司更新 药明康德 (603259 CH) 地缘政治扰动有限，业绩企稳复苏 美国众议院在当地时间 2024 年 9 月 9 日投票通过了《生物安全法案》（法案编号 H.R.8333）。我们在 9 月 12 日发布报告，认为即使法案通过，可能仅影响极少 部分政府资助的项目，公司的美国业务有望维持基本稳健。此外，我们认为药明 康德相比印度和欧美的化学药 CDMO 公司积累了显著的产能优势，预计海外同行 中期内不太可能承接中国化学药 CDMO 行业的产能。基于公司快速增长的在手订 单，特别是多肽业务的强劲增长趋势，以及美联储降息趋势下医药融资的恢复， 我们认为公司盈利有望复苏。 生物安全法案预计影响有限。我们认为，众议院版本的议案限制美国政府机 构以及接受美国政府补贴或者贷款的实体从相关中国公司采购商品或者服 务，这大概率对药明康德的业务影响范围有限，并且议案内具有允许现有合 同执行至 2032 年的"祖父条款"。虽然法案在众议院获得通过，但其中 49%的 民主党议员未投赞成票，包括 36%的反对票，因此我们预计生物安全法案在 民主党主 ...

2024 年 9 月 12 日 招银国际环球市场 | 睿智投资 | 公司更新 无锡药明康德 (603259 CH) 《生物安全法案》靴子基本落地，业务有望保持稳健 美国众议院在当地时间 9 月 9 号投票通过了《生物安全法案》（以下简称"法 案"，法案编号 H.R.8333），该法案旨在限制美国政府机构以及接受美国政府补 贴或者贷款的实体从相关中国公司（包括药明康德）采购商品或者服务的能力。 该法案仍需美国参议院通过并经美国总统签署才能最终成为法律。目前来看，即 使法案通过，可能仅影响极少部分政府资助的项目，公司的美国业务有望维持基 本稳健。基于公司快速增长的在手订单，我们认为公司盈利有望复苏。我们的分 析表明目前股价可能已反映美国业务极度悲观预期（见图 3），看好估值反弹。 美国众议院投票通过《生物安全法案》，靴子基本落地。美国众议院版本的 《生物安全法案》自今年 1 月份提出后，经历过两次修订。今年 5 月份的第 一次修订版本中增加了允许现有合同执行至 2032 年的"祖父条款"。此次获 得众议院通过的法案在文本内容上与 5 月份的修订版几乎没有变化。该法案 仍需等待美国参议院通过并经美国总统签署才能最终 ...

证券研究报告 | 2024年08月26日 药明康德（603259.SH） 优于大市 核心业务稳步回升，在手订单增长趋势良好 核心业务稳健，二季度业绩环比改善。公司 2024 年上半年整体收入 172.4 亿元（同比-8.6%，剔除新冠商业化项目同比-0.7%），归母净利润 42.4 亿 元（同比-20.2%），经调整 Non-IFRS 归母净利润 43.7 亿元（同比-14.2%）， 经营态势稳健。其中，第二季度收入 92.6 亿元（同比-6.5%，环比+16.0%）， 归母净利润 22.98 亿元（同比-26.9%，环比+18.3%），经调整 Non-IFRS 归母净利润 24.6 亿元（同比-12.1%，环比+28.5%）。 化学业务稳中有进，其他板块同比略有下滑。2024 年上半年化学业务收入 122.1 亿元（同比-9.3%，剔除新冠商业化项目同比+2.1%）。测试、生物学、 ATU 业务营收分别为 30.2 亿元（同比-2.4%）、11.7 亿元（同比-5.2%）、 5.7 亿元（同比-19.4%）。 一体化 CRDMO 模式持续驱动发展。1）化学业务方面，CRDMO 模式驱动 业务持续增长。小分子 ...

[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 ...