Investment Rating - Maintain BUY rating for WuXi AppTec with a target price of RMB67.53, down from the previous target price of RMB116.01, indicating a potential upside of 32.9% from the current price of RMB50.81 [2][3]. Core Insights - WuXi AppTec reported a revenue of RMB40.3 billion in 2023, reflecting a year-on-year growth of 2.5%. The attributable recurring net income was RMB9.7 billion, up 16.8% YoY, and the attributable adjusted non-IFRS net income reached RMB10.9 billion, up 15.5% YoY. Excluding COVID-19 related revenue, the company achieved a remarkable revenue growth of 25.6% YoY [2][3]. - For 2024, management expects reported revenue to range between RMB38.3 billion and RMB40.5 billion, representing a decline of 5.1% YoY to growth of 0.4% YoY. Excluding COVID-19 related revenue, growth is anticipated to be between 2.7% and 8.6% YoY [2][3]. - The company has shown solid business development in 2023, particularly in TIDES revenue, which grew by 64.4% YoY, and drug safety assessment and SMO business, which grew by 27.3% and 26.1% YoY, respectively [2][3]. - WuXi AppTec is actively working on commercial projects and has started receiving royalty income in 2023, with several customers discussing long-term contracts for advanced-stage projects [2][3]. Financial Summary - Revenue for FY23 was RMB40,341 million, with a YoY growth of 2.5%. For FY24E, revenue is projected at RMB39,126 million, reflecting a decline of 3.0% YoY, followed by growth of 10.2% in FY25E and 11.1% in FY26E [3][8]. - Adjusted net profit for FY23 was RMB10,854 million, up 15.5% YoY, with projections of RMB10,260 million for FY24E (down 5.5% YoY), RMB11,364 million for FY25E (up 10.8% YoY), and RMB12,828 million for FY26E (up 12.9% YoY) [3][8]. - The company’s P/E ratio for FY23 was 13.7, with projections of 14.5 for FY24E, 13.1 for FY25E, and 11.6 for FY26E [3][8]. Shareholder Actions - WuXi AppTec has demonstrated confidence in its business by canceling RMB1.2 billion H-shares under its 2023 H-share Award Scheme and is in the process of repurchasing another RMB1 billion A-shares [2][3].

FF304 翌日披露報表 (股份發行人 ── 已發行股本變動及/或股份購回) 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3月20日 | 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(註11) | 否 | | | | 證券代號 (如於香港聯交所上市) | | 說明 | | 於上海證券交易所上市 | | | | | | | | | 發行股份 (註6及7) | 股份數目 | | 已發行股份佔 有關股份發行前的 現有已發行股份數目 百分比 (註4、6及7) | | 每股發行價 (註1及7) | | 上一個營業日 的每股收市價 (註5) | | 發行價較市值的折讓/ 溢價幅度(百分比) (註7) | | 於下列日期開始時的結存(註2) | 2024年3月19日 | | 2,566,403,689 | | | | | | | | | ...

Investment Rating - The report maintains a "Neutral" rating for WuXi AppTec (2359 HK) with a target price adjusted to HKD 37.00 [3][11]. Core Insights - WuXi AppTec's 2023 revenue increased by 2.5% year-on-year to RMB 40.34 billion, with various business segments showing different growth rates. However, the decline in COVID-related revenue and a challenging financing environment for pharmaceutical companies have led to a slowdown in revenue growth [2][8]. - The company has improved its operating efficiency, resulting in an increase in gross margin from 36.9% to 40.6% year-on-year. Shareholder net profit rose by 21.3% to RMB 10.69 billion, reflecting a 15.5% increase in adjusted Non-IFRS net profit [2][8]. - The outlook for 2024-25 revenue has been downgraded by 17.4% and 24.3% respectively due to extended order delivery times, reduced R&D spending by downstream pharmaceutical companies, and a still-recovering financing environment [2][3]. Summary by Sections Financial Performance - 2023 total revenue: RMB 40.34 billion, up 2.5% year-on-year [2][8]. - Shareholder net profit: RMB 10.69 billion, up 21.3% year-on-year [2][8]. - Adjusted Non-IFRS net profit: RMB 10.85 billion, up 15.5% year-on-year [2][8]. Revenue Forecasts - 2024E revenue forecast: RMB 39.69 billion, down 17.4% from previous estimates [7]. - 2025E revenue forecast: RMB 45.36 billion, down 24.3% from previous estimates [7]. Business Segment Performance - Chemical segment revenue growth: 1.1% [2]. - Testing segment revenue growth: 14.4% [2]. - Biological segment revenue growth: 3.1% [2]. - Cell and gene therapy CTDMO revenue growth: 0.1% [2]. Market Conditions - The financing environment for small and medium-sized pharmaceutical companies remains challenging, impacting demand for R&D outsourcing services [2][3]. - The potential impact of the U.S. Biologics Act on the company's U.S. business, which accounted for 64.8% of revenue in 2023, is being closely monitored [2][3].

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [2][3]. Core Views - The company has demonstrated steady business development, with a total revenue of 40.34 billion yuan in 2023, reflecting a year-over-year increase of 2.51%. The net profit attributable to shareholders reached 9.607 billion yuan, up by 9.00% year-over-year, and the adjusted net profit was 9.748 billion yuan, marking a 16.81% increase [2][3]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 10.799 billion yuan, a decrease of 1.47% year-over-year, while the net profit attributable to shareholders was 1.530 billion yuan, an increase of 6.58% year-over-year. The adjusted net profit for the same quarter was 2.038 billion yuan, up by 0.5% [2]. - For the full year, the chemical business generated 29.17 billion yuan in revenue, a 1.1% increase year-over-year, with a 36.1% increase when excluding COVID-19 commercialization projects. The testing business saw a revenue of 6.540 billion yuan, up 14.36%, while the biological business generated 2.553 billion yuan, a 3.13% increase. The CTDMO business achieved 1.310 billion yuan, a slight increase of 0.12%, while DDSU revenue fell by 25.08% due to business transformation [2]. Business Segments - The chemical CDMO business showed strong growth, with drug discovery-related revenue increasing by 6% year-over-year, despite a 25.3 percentage point decline in growth rate compared to 2022. The revenue from process development and production services decreased by 0.1%, but excluding COVID-19 projects, it increased by 55.1% due to the addition of 1,255 new molecules and an increase in commercial projects from 50 in 2022 to 61 in 2023. The new molecule business revenue grew by 64.4% to 3.41 billion yuan, with a backlog of orders increasing by 226% [2][3]. Profitability and Valuation - The company is positioned as a leading one-stop CXO service provider, with steady earnings growth. The net profit forecasts for 2024 and 2025 have been adjusted downwards to 10.95 billion yuan and 12.76 billion yuan, respectively, reflecting a decrease of 6% and 14%. The 2026 net profit forecast is set at 14.41 billion yuan, indicating year-over-year growth of 14.01%, 16.52%, and 12.89% for 2024, 2025, and 2026, respectively. The corresponding P/E ratios for A-shares are projected at 14, 12, and 10 times for 2024 to 2026, maintaining a "Buy" rating [3][4].

浦银国际研究 公司研究 | 医药行业 药明康德（2359.HK/603259.CH）：2024 年 阳景 收入、经调整净利指引同比持平或略降 浦 首席医药分析师 银 Jing_yang@spdbi.com 药明康德 2023 年全年业绩大致符合预期，但 2024 年指引（收入、 (852) 2808 6434 国 际 经调整 non-IFRS 归母净利润同比持平或略降）显著低于市场预期， 导致业绩发布后港股收跌 7.5%、A 股收跌 4.9%。尽管管理层未详细 胡泽宇 CFA 阐述下调非新冠收入增速原因，我们推测可能反映公司业务实际上 医药分析师 或已受到生物安全法案草案的负面影响。下调港股/A 股目标价至 ryan_hu@spdbi.com 48.0港元/人民币 60.0元。 (852) 2808 6446 2023全年业绩大致符合预期：2023 年全年总收入达到人民币 403.4 2024年3月19日  亿元（+2.5% YoY），剔除新冠商业化项目后收入增速为+25.6% YoY, 公 药明康德（2359.HK） 符合我们预期和彭博一致预期，亦处于公司之前给出的收入指引中 司 间值。经调整 Non-I ...

上 市 公 司 医药生物 2024 年03月 19 日 药明康德 (603259) 公 司 研 究 ——23 年收入破 400 亿，在手订单稳健增长 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 事件： （维持）  公司发布 2023 年报。2023 年实现营业收入 403.4 亿元，同比增长 2.5%，剔除新冠增 速 25.6%；归母净利润 96.1 亿元，同比增长 9.0%；经调整 Non-IFRS 归母净利润 证 市场数据： 2024年03月19日 108.6亿元，同比增长15.5%，符合预期。 券 收盘价（元） 50.81 研 一年内最高/最低（元） 93.56/45.2 投资要点： 究 市净率 2.7 报 息率（分红/股价） - 告 流通 A 股市值（百万 130394  CDMO 剔除新冠快速增长。根据公司 23 年报，1）化学业务实现收入人民币 291.7 亿 元） 元，同比增长 1.1%，剔除新冠同比增长 36.1%。其中，CDMO 收入 216 亿元，同比下 上证指数/深证成指 3062.76/9696.69 注：“息率”以最近一年已公布分红计算 降 0.1%，剔除新冠同比增长 ...

TIDES 业务持续亮眼，24 年非新冠业务有望维持稳健 药明康德（603259.SH）/医药生物 证券研究报告/公司点评 2024年03月19日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：53.41元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 39354.78 40340.81 39403.85 43631.07 49615.55 分析师：祝嘉琦 增长率yoy% 71.84% 2.51% -2.32% 10.73% 13.72% 执业证书编号：S0740519040001 净利润（百万元） 8813.71 9606.75 9845.00 11057.59 12925.37 电话：021-20315150 增长率yoy% 72.91% 9.00% 2.48% 12.32% 16.89% 每股收益（元） 2.97 3.24 3.32 3.72 4.35 Email：zhujq@zts.com.cn 每股现金流量 3.58 4.51 4.07 4.13 4.57 分析师 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 40.34 billion yuan in 2023, representing a year-on-year growth of 2.5%, and a net profit attributable to shareholders of 9.61 billion yuan, up 9.0% year-on-year, which is in line with expectations [2][3] - Excluding COVID-19 related small molecule business, the company maintained high growth in its regular business, with a 36.1% growth rate, and a significant 55.1% growth in D&M business [3] - The TIDES new molecular business generated revenue of 3.41 billion yuan, marking a 64.4% increase, with a backlog of orders up 226% [3] - The testing business also showed stable growth, with revenue reaching 6.54 billion yuan, a 14.4% increase, driven by laboratory analysis and testing services [4] Summary by Sections Financial Performance - Total revenue for 2023 was 40.34 billion yuan, with a year-on-year increase of 2.5% - Net profit attributable to shareholders was 9.61 billion yuan, reflecting a 9.0% year-on-year growth - Non-IFRS net profit reached 10.86 billion yuan, up 15.5% year-on-year [2] Business Segments - Chemical business revenue was 29.17 billion yuan, with a 1.1% increase; regular business growth was 36.1% when excluding COVID-19 related revenue - Testing business revenue was 6.54 billion yuan, with laboratory analysis and testing services contributing significantly [3][4] - Biological business revenue was 2.55 billion yuan, up 3.1%, with new molecular types contributing to growth [4] Market and Clientele - Revenue from the US region was 26.1 billion yuan, a 42% increase when excluding COVID-19 related revenue - The top 20 pharmaceutical clients saw a revenue increase of 44% year-on-year [4] Profitability and Valuation - The company’s P/E ratio for the latest diluted earnings per share is 15.51, with projected P/E ratios of 15, 14, and 12 for 2024-2026 respectively [2][8]

Investment Rating - The investment rating for WuXi AppTec (药明康德) is to maintain attention on the stock due to its leading technology and comprehensive integrated business layout [5][7]. Core Views - WuXi AppTec reported a revenue of 40.341 billion yuan in 2023, a year-on-year increase of 2.51%, and a net profit attributable to shareholders of 9.607 billion yuan, up 9.00% year-on-year [2]. - The company is advancing its global capacity construction and new business layout, with significant growth in its TIDES business, which achieved a revenue of 3.4 billion yuan, a 64% increase year-on-year [4]. - The integrated service platform is expected to drive continuous growth across various business segments, with notable performance in chemical and testing services [3]. Financial Summary - In 2023, the company achieved a revenue of 40.341 billion yuan, with a net profit of 9.607 billion yuan, and an EPS of 3.28 yuan [6]. - Revenue projections for 2024-2026 are 40.421 billion yuan, 45.693 billion yuan, and 52.316 billion yuan, with corresponding growth rates of 0.20%, 13.04%, and 14.50% [5]. - The company’s P/E ratio is projected to decrease from 15.5 in 2023 to 11.4 in 2026, indicating potential valuation improvement [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's regular business is developing steadily, with strong growth in emerging businesses such as TIDES. In 2023, the company achieved revenue of 40.34 billion yuan, a year-on-year increase of 2.5%, and a 25.6% increase when excluding COVID-19 commercialization projects. The net profit attributable to the parent company was 9.61 billion yuan, up 9.0% year-on-year [4][5] - The company has adjusted its profit forecast for 2024-2025 due to a slowdown in industry demand, now expecting net profits of 10.40 billion yuan, 11.30 billion yuan, and 12.86 billion yuan for 2024, 2025, and 2026 respectively [4][5] Financial Performance Summary - In Q4 2023, the company reported revenue of 10.80 billion yuan, a decline of 1.5% year-on-year, while the net profit attributable to the parent company was 1.53 billion yuan, an increase of 6.6% year-on-year [4] - The company's chemical business generated revenue of 29.17 billion yuan in 2023, a growth of 1.1%, and a 36.1% increase when excluding COVID-19 projects. The TIDES business revenue reached 3.41 billion yuan, growing 64.4% year-on-year [5] - The company has a strong order backlog, with non-COVID orders growing nearly 18% year-on-year [4][5] Business Development - The company is proactively expanding its oligonucleotide and peptide businesses, with TIDES orders increasing by 226% year-on-year as of December 2023. New production capacity for 32,000L peptides was put into operation in January 2024 [5] - The company has laid out a forward-looking strategy in the CGT business, assisting multiple CGT projects in submitting BLA, and has achieved revenue of 1.31 billion yuan in this segment in 2023 [6] Financial Projections - The company expects earnings per share (EPS) of 3.55 yuan, 3.85 yuan, and 4.38 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 14.2, 13.1, and 11.5 [4][7] - The total market capitalization of the company is approximately 1476.28 billion yuan, with a circulating market capitalization of 1281.42 billion yuan [3]