药明康德（603259.SH）2024 年年报点评 业绩公告：公司 2024 年实现营业收入人民币 392.41 亿元（-2.73%），剔除 特定商业化生产项目同比增长 5.2%，归母净利润 94.50 亿元（-1.63%），扣 非归母净利润 99.88 亿元（+2.47%）。Q4 单季度实现收入 115.39 亿元，归 母净利润 29.17 亿元，扣非归母净利润 33.06 亿元。 业务拆分：其中化学业务实现收入 290.52 亿元（-0.41%），毛利率 46.39%。 测试业务实现收入 56.71 亿元（-4.82%），毛利率 32.73%。生物学业务实现 收入 25.44 亿元（-0.34%），毛利率 37.70%。2024 年终止经营业务收入 13.24 亿元（为 WuXi ATU 业务的美国和英国运营主体及美国医疗器械测试业务）。 化药小分子核心业务稳健增长，TIDES 维持高速增长。化学业务实现收入人 民币 290.5 亿元，剔除特定商业化生产项目同比增长 11.2%。TIDES 业务（寡 核苷酸和多肽）保持高速增长。TIDES 业务收入达到人民币 58.0 亿元，同 比增长 70.1%。截至 ...

Investment Rating - The investment rating for WuXi AppTec (药明康德) is "Buy" (maintained) [1] Core Insights - The company has shown a steady growth in backlog orders, indicating a recovery trend for the industry leader [1] - In 2024, the company achieved revenue of 39.241 billion yuan, a year-on-year decline of 2.73%, but a 5.2% increase when excluding COVID-19 commercialization projects [4] - The net profit attributable to shareholders was 9.450 billion yuan, down 1.63% year-on-year, with an adjusted Non-IFRS net profit of 10.58 billion yuan, a decline of 2.5% [4] - The net profit margin reached a historical high of 27.0% [4] - For Q4 2024, the company reported revenue of 11.539 billion yuan, a year-on-year increase of 6.85% and a quarter-on-quarter increase of 10.31% [4] - The backlog of orders as of the end of 2024 was 49.31 billion yuan, a year-on-year increase of 47.0% [4] - The company maintains profit forecasts for 2025-2027, expecting net profits of 11.297 billion yuan, 12.858 billion yuan, and 15.493 billion yuan respectively, with corresponding EPS of 3.91 yuan, 4.45 yuan, and 5.36 yuan [4] Financial Performance Summary - In 2024, the chemical business generated revenue of 29.05 billion yuan, a slight decline of 0.4%, but an 11.2% increase when excluding COVID-19 projects [5] - The TIDES business achieved revenue of 5.8 billion yuan, a significant year-on-year growth of 70.1% [5] - The clinical business reported revenue of 5.67 billion yuan, down 4.8% year-on-year, while the SMO business grew by 15.4% [6] - The company is focusing on building capabilities related to new molecular types, with related business revenue increasing by 18.7% [6] - The financial summary indicates a projected revenue growth of 8.0% in 2025, 15.3% in 2026, and 17.9% in 2027 [8]

2025 年 03 月 20 日 医药生物/医疗服务 药明康德（603259.SH） 在手订单稳健增长，赛道龙头复苏趋势已现 投资评级：买入（维持） | 日期 | 2025/3/19 | | --- | --- | | 当前股价(元) | 70.00 | | 一年最高最低(元) | 70.68/36.36 | | 总市值(亿元) | 2,021.59 | | 流通市值(亿元) | 1,750.64 | | 总股本(亿股) | 28.88 | | 流通股本(亿股) | 25.01 | | 近 3 个月换手率(%) | 86.4 | 股价走势图 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 药明康德 沪深300 数据来源：聚源 相关研究报告 《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》-2024.10.31 《在手订单稳健增长，TIDES 业务快 速发展 — 公 司 信 息 更 新 报 告 》 -2024.7.31 《常规业务整体经营稳健，TIDES 业 务强劲增长—公司信息更新报告》 -2024.5.5 余汝意（分析师） 汪晋（ ...

[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）公司年报点评 2025 年 03 月 20 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 19日收盘价（元）] | 70.00 | | --- | --- | | 52 周股价波动（元） | 36.36-70.68 | | 总股本/流通 A 股（百万股） | 2888/2501 | | 总市值/流通市值（百万元 | 202159/202159 | 相关研究 [Table_ReportInfo] 《药明康德 2024 半年报点评：经营趋势保持 稳健，在手订单快速增长》2024.08.21 《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 市场表现 [Table_QuoteInfo] -24.91% -11.91% 1.09% 14.09% 27.09% 2024/3 2024/6 2024/9 2024/12 药明康德 海通综指 沪深 300 对比 1 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of WuXi AppTec, with current prices at 69.68 CNY and 72.35 HKD respectively [5]. Core Insights - WuXi AppTec's revenue for 2024 was 39.241 billion CNY, a decrease of 2.73% year-on-year, but a 5.2% increase when excluding COVID-19 commercialization projects. The net profit attributable to shareholders was 9.45 billion CNY, down 1.63% year-on-year, while the net profit excluding non-recurring items grew by 2.47% to 9.988 billion CNY, aligning with expectations [1]. - The company experienced a continuous improvement in performance, with Q4 2024 revenue reaching 11.54 billion CNY, a quarter-on-quarter increase of 10.31%, and net profit of 2.92 billion CNY, up 27.22% quarter-on-quarter. The growth in profit is attributed to a 0.68 percentage point increase in gross margin to 43.46%, foreign exchange gains from a rising USD, and investment income from the reduction of Wuxi XDC [1]. - As of the end of 2024, the company's order backlog reached 49.31 billion CNY, a year-on-year increase of 47%, indicating robust development and future revenue support [1]. Revenue and Profitability - The chemical business achieved revenue of 29.05 billion CNY in 2024, with an 11.2% year-on-year increase when excluding specific projects. Q4 alone saw a revenue of 8.96 billion CNY, a 13% year-on-year growth. The small molecule D&M business generated 17.87 billion CNY, with a 6.4% increase when excluding COVID-19 projects, and the TIDES business grew by 70.1% to 5.8 billion CNY, with a 103.9% increase in related order backlog [2]. - The report projects net profit for 2025-2027 to be 10.978 billion CNY, 12.516 billion CNY, and 14.147 billion CNY respectively, reflecting year-on-year growth rates of 16.16%, 14.01%, and 13.03% [3]. Valuation Metrics - The projected P/E ratios for A-shares are 18, 16, and 14 for 2025, 2026, and 2027 respectively, while for H-shares, the ratios are 18, 15, and 14 [3]. - The report indicates that the company is a leading one-stop CXO provider with stable performance, supported by rapid growth in TIDES-related business and capacity [3].

Investment Rating - The report maintains a rating of "Accumulate" for WuXi AppTec (603259) with a target price of 93.84 CNY, up from the previous forecast of 71.82 CNY [1][11]. Core Views - The report highlights strong growth in backlog orders and a significant increase in peptide business, indicating a positive long-term growth outlook for the company [1][11]. - The company is expected to achieve a revenue of 39.24 billion CNY in 2024, reflecting a decrease of 2.7% year-on-year, while the net profit attributable to the parent company is projected at 9.45 billion CNY, down 1.6% [2][11]. - The report notes that the fourth quarter of 2024 is expected to show a revenue of 11.54 billion CNY, representing a 6.9% increase, with an adjusted net profit of 3.234 billion CNY, up 20.3% [11]. Financial Summary - Revenue and Profit Forecasts: - 2023A: Revenue 40.34 billion CNY, Net Profit 9.607 billion CNY - 2024A: Revenue 39.241 billion CNY, Net Profit 9.450 billion CNY - 2025E: Revenue 42.602 billion CNY, Net Profit 11.778 billion CNY - 2026E: Revenue 47.327 billion CNY, Net Profit 12.846 billion CNY - 2027E: Revenue 52.801 billion CNY, Net Profit 14.749 billion CNY [2][13]. - Earnings Per Share (EPS) Forecasts: - 2023A: 3.33 CNY - 2024A: 3.27 CNY - 2025E: 4.08 CNY - 2026E: 4.45 CNY - 2027E: 5.11 CNY [2][13]. - Return on Equity (ROE) Forecasts: - 2023A: 17.4% - 2024A: 16.1% - 2025E: 17.5% - 2026E: 16.8% - 2027E: 17.0% [2][13]. Market Data - The stock has a 52-week price range of 36.87 to 69.68 CNY, with a total market capitalization of 201.235 billion CNY [3][11]. - The company has a net asset value per share of 20.30 CNY and a price-to-book ratio of 3.4 [4][11]. Business Performance - The report indicates that the chemical business is expected to grow by 11.2% in 2024, excluding the impact of COVID-19 commercialization orders, with an adjusted gross margin of 46.4% [11]. - The peptide business (TIDES) is projected to achieve a revenue of 5.8 billion CNY in 2024, marking a 70.1% increase, with backlog orders growing by 103.9% [11].

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec (603259.SH) with a target price of 70.00 CNY [7][8]. Core Insights - WuXi AppTec reported a total revenue of 39.24 billion CNY for 2024, a decrease of 2.7% year-on-year, but a 5.2% increase when excluding COVID-19 related revenue. The adjusted net profit was 10.58 billion CNY, down 2.5% year-on-year [3][4]. - The company experienced a strong recovery in the fourth quarter of 2024, with revenue reaching 11.54 billion CNY, a year-on-year increase of 6.9% and a quarter-on-quarter increase of 10.3%. The net profit attributable to shareholders was 2.92 billion CNY, up 90.6% year-on-year [4][5]. - The outlook for 2025 is positive, with expected revenue growth of 10-15%, reaching 41.5-43.0 billion CNY, driven by strong demand in the US and European markets for new drug development [4][5]. Summary by Sections Financial Performance - In Q4 2024, WuXi AppTec's revenue was 11.54 billion CNY, with a year-on-year growth of 6.9% and a quarter-on-quarter growth of 10.3%. The net profit for the same period was 2.92 billion CNY, reflecting a significant recovery [4]. - For the full year 2024, the company achieved a revenue of 39.24 billion CNY, with a net profit of 9.45 billion CNY [3][9]. Business Segments - The CRDMO business line showed resilience, with WuXi Chemistry generating 29.05 billion CNY in revenue, a slight decline of 0.4% year-on-year, while non-COVID revenue increased by 11.2% [6]. - The TIDES business segment experienced substantial growth, with revenue reaching 5.80 billion CNY, a year-on-year increase of 70.1% [6]. Future Projections - The company anticipates a capital expenditure of 40.0 billion CNY for 2024, with expectations to increase this to 70-80 billion CNY in 2025, indicating strong growth confidence [5][6]. - The forecast for net profit for 2025 is projected at 11.43 billion CNY, with a corresponding PE ratio of 18 [9][10].

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec (603259.SH) with a target price of 70.00 CNY [7][8]. Core Views - WuXi AppTec's performance shows a marginal improvement with a robust order backlog contributing to growth momentum. The company achieved a revenue of 39.24 billion CNY in 2024, a decrease of 2.7% year-on-year, but a 5.2% increase when excluding COVID-19 related revenue. Adjusted net profit was 10.58 billion CNY, down 2.5% year-on-year [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 11.54 billion CNY, a year-on-year increase of 6.9% and a quarter-on-quarter increase of 10.3%. The net profit attributable to shareholders was 2.92 billion CNY, up 90.6% year-on-year and 27.2% quarter-on-quarter [4]. - The company expects a revenue growth of 10-15% in 2025, projecting revenues between 41.5 billion CNY and 43 billion CNY [4]. Business Outlook - As of the end of 2024, WuXi AppTec added approximately 1,000 new clients, with a backlog of orders reaching 49.31 billion CNY, a year-on-year increase of 47.0%. The capital expenditure for 2024 was 4.0 billion CNY, with expectations to rise to 7.0-8.0 billion CNY in 2025, reflecting strong growth potential [5][8]. Segment Performance - The CRDMO business segment showed resilience, with WuXi Chemistry generating 29.05 billion CNY in revenue, a slight decline of 0.4% year-on-year, while non-COVID revenue grew by 11.2%. The TIDES business segment experienced significant growth, achieving 5.80 billion CNY in revenue, up 70.1% year-on-year [6]. - WuXi Testing reported a revenue of 5.67 billion CNY, down 4.8% year-on-year, while WuXi Biology's revenue was 2.54 billion CNY, a slight decline of 0.3% year-on-year, but showed positive growth trends in Q4 2024 [6]. Financial Projections - The forecast for 2025-2027 indicates a net profit attributable to shareholders of 11.43 billion CNY, 13.19 billion CNY, and 14.95 billion CNY respectively, with corresponding PE ratios of 18, 15, and 14 [8][9]. - Revenue projections for the same period are 43.58 billion CNY, 48.82 billion CNY, and 54.88 billion CNY, with growth rates of 11.0%, 12.0%, and 12.4% respectively [9][10]. Valuation Metrics - The report highlights a projected PE ratio of 21 for 2024, decreasing to 14 by 2027, indicating an improving valuation as earnings grow [9][10]. - The projected PB ratio is expected to decline from 3.4 in 2024 to 2.3 in 2027, reflecting a strengthening financial position [9][10].

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The company has shown strong performance in its TIDES business, with significant growth in backlog orders [2][6] - The company expects a revenue growth of 10%-15% in 2025, driven by strong order backlog and new capacity [7][8] - The company plans to increase shareholder returns through a special dividend and share buyback program [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 403.41 billion - 2024A: 392.41 billion (down 2.73% YoY) - 2025E: 426.09 billion (up 8.58% YoY) - 2026E: 479.18 billion - 2027E: 535.53 billion [2][9] - Net profit projections are: - 2023A: 96.07 billion - 2024A: 94.50 billion - 2025E: 115.49 billion - 2026E: 129.68 billion - 2027E: 144.86 billion [2][9] - Earnings per share (EPS) are projected to increase from 3.33 in 2023A to 5.02 in 2027E [2][9] Business Segment Performance - The TIDES business (mainly oligonucleotides and peptides) achieved revenue of 58.00 billion in 2024, a 70.10% increase YoY [6][7] - The chemical business generated revenue of 290.52 billion in 2024, with a slight decline of 0.41% YoY, but a growth of 11.20% when excluding specific commercial production projects [6][7] - The testing business saw revenue of 56.71 billion in 2024, down 4.82% YoY, impacted by reduced industry demand and increased competition [6][7] Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 19.25 in 2023A to 12.77 in 2027E [2][9] - The price-to-book (P/B) ratio is expected to decline from 3.35 in 2023A to 2.23 in 2027E [2][9] - The target price for the company is set between 72.00 and 80.00 per share based on a P/E of 18-20 for 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The company has shown strong performance in its TIDES business, with a significant increase in backlog orders [2][6] - The company expects a revenue growth of 10%-15% in 2025, driven by strong order backlog and new capacity [7][8] - The company plans to increase shareholder returns through a special dividend and share buyback program [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 403.41 billion - 2024A: 392.41 billion (down 2.73% YoY) - 2025E: 426.09 billion (up 8.58% YoY) [2][9] - Net profit projections are: - 2023A: 96.07 billion - 2024A: 94.50 billion - 2025E: 115.49 billion [2][9] - Earnings per share (EPS) are expected to increase from 3.33 in 2023A to 4.00 in 2025E [2][9] Business Segment Performance - The TIDES business achieved revenue of 58.00 billion in 2024, a 70.10% increase YoY, with backlog orders growing by 103.9% [6][7] - Chemical business revenue was 290.52 billion in 2024, with a slight decline of 0.41% YoY, but a growth of 11.20% when excluding specific projects [6][7] - Testing and biological services faced challenges, with revenues of 56.71 billion and 25.44 billion respectively, showing declines [6][7] Market Position and Valuation - The company is expected to achieve a price-to-earnings (P/E) ratio of 16.01 in 2025, with a target price range of 72.00-80.00 per share based on a P/E of 18-20 [8][9]