证券研究报告 非金融公司|公司点评|药明康德（603259） 在手订单亮眼，TIDES 业务快速发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月31日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年实现收入 172.4 亿元，同比下滑 8.6%，剔除特定商 业化项目后同比下滑 0.7%；实现归母净利润 42.4 亿元，同比下滑 20.2%；实现扣非后归母净 利润 44.1 亿元，同比下滑 8.3%。截至 2024 年 6 月底，公司拥有在手订单 431.0 亿元，剔除 特定商业化项目后同比增长 33.2%。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年07月31日 药明康德(603259) 在手订单亮眼，TIDES 业务快速发展 | --- | --- | |------------|-------------------| | 行 业： | 医药生物/医疗服务 | | 投资评级： | 买入（维持） | | 当前价格： | 42.5 ...

会议要点 1、经营业绩与财务数据 ∙ 公司2024年上半年实现收入172.4亿元，同比下 降68.6%，但剔除新冠商业化项目后同比下降仅 为0.7%。经调整的IFRS净利润为43.7亿元，同比 下降14.2%。第二季度收入达到92.6亿元，环比 第一季度增长16%，经调整的EBITDA规模净利润 达到24.6亿元，环比增长28.5%。 ∙ 公司上半年经调整NIFS毛利实现68.7亿元人民 币，经调整NIFS毛利率达到了39.8%。其中第二 季度经调整毛利率为40.8%，环比第一季度提升 了2.1个百分点。上半年经调整的R&D净利润实 现43.7亿元，对应经调整NIFS净利率为25.4%。 其中第二季度经调整净利润率为26.6%，环比提 升了2.6个百分点。上半年归母净利润实现了42.4 亿元，扣非归母净利润实现了44.1亿元。 2、订单与客户关系 ∙ 截至2024年上半年，公司在手订单达到历史新 高的431亿元，基础商业化项目后在手订单同比 增长33.2%。上半年来自于全球前20da制药企业 客户的收入为65.9亿元，剔除新冠商业化项目后 同比增长11.9%。 ∙ 公司上半年新增全球客户超过500家，小分子 ...

[ T able_StockInfo] 2024 年 07 月 30 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：40.69 元 药明康德（603259）医药生物 目标价：——元（6 个月） Q2 收入利润环比改善，在手订单增长稳健 [Table_Summary 事件：公司发布] 2024年半年报，2024年半年度实现收入 172.4亿元，同比下滑 8.6%，实现归母净利润 42.4亿元，同比下滑 20.2%，经调整 Non-IFRS 归母净 利润 43.7 亿元，同比下滑 14.2%。 2024H1 业绩符合预期，剔除新冠项目后实现稳健增长。2024H1 公司业绩平稳 增长，其中剔除新冠商业化项目后收入同比下滑 0.7%；在原有活跃客户 6000+ 基础上新增客户 500+，在手订单 431亿元，剔除新冠商业化项目后+33.2%；全 球 Top20药企客户贡献收入 65.9亿元，剔除新冠商业化项目后+11.9%；小分子 D&M 管线持续扩张，2024H1 新增分子644 个，目前管线分子共 3319 个。 2024Q2收入、利润环比改善，一体化赋能平台持续驱动业务增长。公司持续强 化 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The company has shown a steady growth in its order backlog, with a total of 431 billion in hand orders as of June 2024, representing a year-on-year increase of 33.2% when excluding COVID-19 commercialization projects [1]. - The company is expected to maintain its profitability forecasts, with projected net profits for 2024-2026 at 10.401 billion, 11.297 billion, and 12.858 billion respectively, and corresponding EPS of 3.57, 3.88, and 4.42 [1][5]. - The current stock price corresponds to a PE ratio of 11.4, 10.5, and 9.2 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [1][5]. Financial Performance Summary - In H1 2024, the company achieved revenue of 17.24 billion, a year-on-year decline of 8.6%, but only a 0.7% decline when excluding COVID-19 projects [1]. - The net profit attributable to the parent company for H1 2024 was 4.24 billion, down 20.2% year-on-year, while the adjusted Non-IFRS net profit was 4.37 billion, down 14.2% [1]. - For Q2 2024, the company reported revenue of 9.26 billion, a year-on-year decline of 6.6% but a quarter-on-quarter increase of 16.0% [1]. Business Segment Performance - The chemical business generated revenue of 12.21 billion in H1 2024, down 9.3% year-on-year, but grew by 2.1% when excluding COVID-19 projects [3]. - The TIDES business saw significant growth, with revenue of 2.08 billion in H1 2024, up 57.2% year-on-year, and a backlog increase of 147% [3]. - Clinical business revenue was 3.02 billion in H1 2024, down 2.4% year-on-year, but the SMO business grew by 20.4% [4].

Investment Rating - The investment rating for WuXi AppTec (603259.SH) is "Buy" (maintained) [2] Core Views - The company has shown steady growth in backlog orders, with a significant increase in TIDES business [1] - Despite a decline in revenue and net profit for H1 2024, the company is expected to maintain its long-term growth trajectory [1] - The forecast for net profit from 2024 to 2026 is projected at 10.401 billion, 11.297 billion, and 12.858 billion yuan respectively, with corresponding EPS of 3.57, 3.88, and 4.42 yuan [1] Financial Performance Summary - For H1 2024, the company achieved revenue of 17.24 billion yuan, a year-on-year decline of 8.6%, but a decrease of only 0.7% when excluding COVID-19 commercialization projects [1] - 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% [1] - In Q2 2024, revenue was 9.26 billion yuan, a year-on-year decline of 6.6% but a quarter-on-quarter increase of 16.0% [1] - The backlog as of June 2024 was 43.1 billion yuan, with a year-on-year growth of 33.2% when excluding COVID-19 projects [1] Business Segment Performance - The chemical business generated revenue of 12.21 billion yuan in H1 2024, a year-on-year decline of 9.3%, but a 2.1% increase when excluding COVID-19 projects [3] - The TIDES business saw revenue of 2.08 billion yuan in H1 2024, representing a year-on-year growth of 57.2%, with backlog orders increasing by 147% [3] - Clinical testing business revenue was 3.02 billion yuan in H1 2024, down 2.4% year-on-year, while the SMO business grew by 20.4% [4]

31 Jul 2024 CMB International Global Markets | Equity Research | Company Update WuXi AppTec (603259 CH) Impressive order growth despite geopolitical uncertainties WuXi AppTec reported 1H24 revenue of RMB17.24bn, down 8.6% YoY, attributable recurring net profit of RMB4.41bn, down 8.3% YoY, and attributable adjusted non-IFRS net profit of RMB4.37bn, down 14.2% YoY. 1H24 revenue / attributable adjusted non-IFRS net income accounted for 45.3%/ 46.0% of our 2024 full-year estimates and 43.8%/ 44.7% of Bloomberg ...

2024 年 7 月 31 日 CMB 国际全球市场 | 股票研究 | 公司更新 药明康德 （ 603259 CH ） 尽管地缘政治 ， 但令人印象深刻的订单增长 不确定性 (上一个 TP RMB54.27 RMB53.23) 33.4% 药明康德公布 1H24 营收 172.4 亿元人民币 ， 同比下降 8.6% ， 归属经常性净利润 441 亿元 ， 同比下降 8.3% ， 归属 调整后的非国际财务报告准则净利润 43.7 亿元人民币 ， 同比下降 14.2% 。 1H24 收入 / 可归属调整后的非国际财务报告准则净收入占我们的 45.3% / 46.0% 2024 年全年预估和彭博社共识的 43.8% / 44.7% ， 均为 这在很大程度上符合其历史范围。非 COVID D & M 收入 (在化学部分) 经历了 2.7% 的同比小幅下降 1H24 ， 继 1H23 年基数相对较高之后。值得注意的是 ， 药明康德的积压、 不包括 COVID - 19 商业项目 ， 上半年同比增长 33.2% ， 表明在地缘政治不确定性中客户需求强劲。管理层有 重申其 2024 年 38.3 - 405 亿元人民币的收 ...

Investment Rating - The investment rating for WuXi AppTec (603259) is "Buy" and is maintained [6][7]. Core Views - The company reported a revenue of 17.241 billion yuan for the first half of 2024, a year-on-year decrease of 8.6%, but excluding COVID-19 related revenue, the decline was 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, a decrease of 14.2% [6][7]. - The company maintains its full-year guidance despite external uncertainties, expecting revenue to reach between 38.3 billion and 40.5 billion yuan, with positive growth anticipated when excluding COVID-19 related projects [7]. Summary by Sections Market Data - Closing price: 40.69 yuan - One-year high/low: 93.56/36.36 yuan - Market capitalization: 102,736 million yuan - Price-to-book ratio: 2.2 - Dividend yield: 2.43% [2]. Financial Data - As of June 30, 2024, the net asset per share was 18.79 yuan, and the debt-to-asset ratio was 25.95% [3]. - Total shares: 2,912 million, with 2,525 million circulating A shares [3]. Performance Highlights - The TIDES segment showed strong growth, with revenue reaching 2.08 billion yuan, a 57.2% increase year-on-year, and a 147% increase in orders [7]. - The Chemistry segment's revenue was 12.21 billion yuan, down 9.3%, but excluding COVID-19 revenue, it grew by 2.1% [7]. - The Testing segment's revenue was 3.02 billion yuan, down 2.4%, while the Clinical CRO and SMO business grew by 5.8% [7]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 10.0 billion, 10.614 billion, and 11.482 billion yuan, respectively, with corresponding PE ratios of 12, 11, and 10 [7][8].

药明康德（603259.SH）/医药生物 证券研究报告/公司点评 2024 年 07 月 30 日 [Table_Industry] [Table_Title] 评级：买入(维持) [Table_Finance] 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | |------------------------------|------------------------------|----------------|---------------|----------------|-----------------|----------------| | 市场价格：39.00 元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：祝嘉琦 | 营业收入（百万元） | 39354.78 | 40340.81 | 39403.85 | 43631.07 | 49615.55 | | 执业证书编号：S0740519040001 | 增长率 yoy% 净利润（百万元） | 71.84% 8813.71 ...

Summary of WuXi AppTec Conference Call Company Overview - **Company**: WuXi AppTec - **Date**: July 31, 2024 - **Key Executives**: Hu Zhengguo (Vice Chairman and Global Chief Investment Officer) Financial Performance - **Total Revenue**: 17.24 billion RMB, a year-on-year decrease of 68.6%, but only a 0.7% decline when excluding non-COVID commercialization projects [3][4] - **Adjusted Net Profit**: 4.37 billion RMB, down 14.2% year-on-year [3] - **Gross Margin**: Expected to remain stable or improve compared to the previous year [4] - **Net Profit Margin**: Adjusted net profit margin at 25.4% [7] Revenue Breakdown - **Regional Performance**: - Revenue in the U.S. decreased by 11.2% - Revenue in Suzhou and Central regions increased by 5.3% and 2%, respectively [4] - **Active Clients**: Over 6,000 active clients, with a significant increase in projects [5] - **Order Backlog**: Historical high of 43.1 billion RMB in backlog orders, with revenue from the top 20 global pharmaceutical companies increasing by 11.9% [5] Business Segments - **Small Molecule R&D and Manufacturing (CDMO)**: Revenue reached 7.39 billion RMB, showing a decrease from a strong growth base of over 50% last year [6] - **Testing and Biology Services**: - Testing revenue: 3.02 billion RMB, down 2.4% - Clinical CRO/SMO revenue: 890 million RMB, up 5.8% - Daao Biotechnology revenue: 1.14 billion RMB, down 5.2% [6] Market Dynamics - **Impact of Legislation**: The company is monitoring U.S. biosecurity legislation, which has created uncertainty for clients and affected order volumes [8][9] - **Price Strategy**: Dynamic pricing strategies are in place to address market competition, especially in domestic markets [10] Growth Drivers - **New Projects**: 644 new projects added in the small molecule DNA pipeline, totaling 3,319 projects [5] - **Chemical Business Growth**: New molecular business grew by 147%, indicating strong market demand despite price pressures [10] - **Future Capacity Expansion**: Plans to increase capacity in peptide drug production to meet global demand [15] Operational Efficiency - **Employee Count**: Reduction in employee numbers due to organizational optimization, with an expected increase in the Taizhou business segment [10] - **Cost Management**: Strategies to maintain net profit margins include market promotion, resource optimization, and cost reduction [10] Future Outlook - **Order Growth**: Anticipated growth in orders, with a focus on maintaining a strong pipeline and addressing potential risks [16] - **Capital Expenditure**: Plans to increase CDMO capital expenditure by 50% by 2025, despite market uncertainties [13] Conclusion WuXi AppTec demonstrated resilience in its financial performance amidst external challenges, with a diversified revenue structure and a strong order backlog. The company is focused on expanding its capabilities and addressing market demands while navigating legislative uncertainties.