药明康德(02359) - 2023 - 年度业绩

Financial Performance - The company achieved a revenue of RMB 40,340.8 million for the year ended December 31, 2023, representing a 2.5% increase from RMB 39,354.8 million in 2022[2]. - Gross profit was RMB 16,372.5 million with a gross margin of 40.6%, compared to RMB 14,506.5 million and a gross margin of 36.9% in the previous year, marking a 12.9% increase[2]. - Net profit attributable to shareholders was RMB 10,690.2 million, reflecting a 21.3% increase from RMB 8,813.7 million in 2022, with a net profit margin of 26.5%[2]. - The adjusted net profit attributable to shareholders under non-IFRS was RMB 10,854.6 million, up 15.5% from RMB 9,399.3 million[2]. - The overall gross profit for the reporting period was RMB 16.37 billion, an increase of 12.9% compared to the previous year, with a gross margin of 40.6%[17]. - The company expects 2024 revenue to reach RMB 38.3 billion to RMB 40.5 billion, with a projected growth rate of 2.7% to 8.6% excluding COVID-19 commercialization projects[15]. - Adjusted EBITDA for the year ended December 31, 2023, was RMB 15,818.8 million, up from RMB 13,299.8 million in 2022, representing a growth of 11.4%[30]. - The adjusted EBITDA margin increased to 39.2% in 2023 from 33.8% in 2022, indicating improved operational efficiency[30]. - The net profit attributable to the parent company for the year ended December 31, 2023, was RMB 10,690.2 million, compared to RMB 8,813.7 million in 2022, reflecting a year-on-year increase of 20.1%[31]. - The adjusted net profit attributable to the parent company reached RMB 10,854.6 million in 2023, up from RMB 9,399.3 million in 2022, marking an increase of 15.5%[31]. Client and Revenue Growth - The company added over 1,200 new clients in 2023, with active clients exceeding 6,000, indicating strong demand for services[5]. - Revenue from U.S. clients reached RMB 26,130 million, a 42% increase when excluding COVID-19 commercialization projects[5]. - Revenue from the top 20 global pharmaceutical companies grew to RMB 16,110 million, a 44% increase when excluding COVID-19 commercialization projects[5]. - The chemical business generated RMB 29,171.5 million in revenue, a 1.1% increase, while excluding COVID-19 projects, it saw a robust growth of 36.1%[7]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 9.8336 per 10 shares, subject to shareholder approval[3]. - The proposed cash dividend for 2023 is RMB 9.8336 per 10 shares, an increase from RMB 8.9266 in 2022, with a total distribution amounting to RMB 2,882,031,329.68[121]. - The 2022 profit distribution plan was approved, with a cash dividend of RMB 8.9266 per 10 shares to shareholders listed on June 13, 2023[59]. Research and Development - The company’s pipeline includes 3,201 molecules, with 61 commercialization projects and 66 Phase III clinical projects as of the end of 2023[8]. - The company aims to enhance its capabilities in new drug development services, focusing on emerging technologies and innovative drug types[46]. - The company is investing 10% of its revenue into R&D, focusing on high-throughput screening (HTS) technologies[147]. - Future strategies include leveraging global resources for precision medicine product development and expanding clinical services to meet increasing global demand[106]. Operational Efficiency and Capacity Expansion - The company has continuously improved its asset utilization efficiency through strategic capacity expansions and mergers, enhancing service capabilities[47]. - The company has expanded its facilities globally, with new facilities in Suzhou and Qidong totaling 55,000 square meters, and an additional 20,000 square meters of GLP-certified facilities added in 2023[47]. - The new production capacity at the Taixing API production base officially commenced operations in January 2024, enhancing business growth capabilities[47]. - The company has achieved a significant increase in the volume of peptide solid-phase synthesis reactors to 32,000L as part of its capacity expansion efforts[47]. Financial Position and Liabilities - Total liabilities as of December 31, 2023, amounted to RMB 18,151.9 million, up from RMB 17,763.7 million in 2022, with 40.4% attributed to accounts payable and other payables[25]. - The debt-to-asset ratio decreased to 24.6% as of December 31, 2023, from 27.5% in 2022, primarily due to stable growth in free cash flow and retained earnings[27]. - Total assets as of December 31, 2023, included investments in associates amounting to RMB 2,180.4 million, a significant increase of 92.0% from RMB 1,135.7 million in 2022[32]. Market and Industry Trends - The global pharmaceutical R&D investment is projected to grow from USD 241.5 billion in 2022 to USD 335.7 billion by 2027, with a CAGR of approximately 6.8%[65]. - The global pharmaceutical R&D outsourcing ratio is expected to increase from 47.1% in 2022 to 57.0% by 2027, with the market size for outsourced services projected to grow from USD 133 billion to USD 252 billion, reflecting a CAGR of approximately 13.6%[64]. Risks and Challenges - The company faces risks from potential declines in demand for pharmaceutical R&D services due to industry slowdowns or budget adjustments by clients[74]. - The company is exposed to regulatory risks as the pharmaceutical R&D services industry is highly regulated, requiring timely adjustments to business strategies[75]. - The company has a significant global revenue proportion, making it vulnerable to international policy changes and geopolitical tensions that could impact its operations[79]. Employee and Management - The company has a total of 41,116 employees as of December 31, 2023, with compensation packages including base salary, allowances, bonuses, stock options, and other benefits[87]. - The management team possesses extensive experience in the pharmaceutical industry, enabling the company to quickly adapt to market trends and customer needs, driving rapid business growth[49]. Strategic Initiatives - The company aims to improve customer satisfaction through high-quality services and strict intellectual property protection, while expanding its global customer base, particularly targeting long-tail customers[69]. - The company is advancing the design and construction of facilities in locations such as Taixing, the United States, and Singapore to better meet global partner needs[68]. - The company has established a partnership with a leading academic institution to advance its drug discovery efforts[147].