2024-07-31 02:01Investment 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].