WuXi AppTec(603259) 国泰君安·2024-08-02 01:01Investment Rating - The report maintains an "Accumulate" rating for WuXi AppTec (603259) [2][7] Core Views - The company has shown strong growth in its order backlog and is accelerating the development of its TIDES business. The company reaffirms its annual performance guidance, indicating a positive long-term growth outlook [7][8] - The target price has been adjusted down to 52.96 from the previous 65.17, reflecting a revised earnings per share (EPS) forecast for 2024-2026 [7] Financial Summary - For 2024H1, the company reported revenue of 17.24 billion yuan, a year-on-year decrease of 8.6%, and a non-IFRS net profit of 4.41 billion yuan, down 8.3% year-on-year [7] - The revenue from the chemical business was 12.21 billion yuan, with a 2.1% year-on-year increase when excluding COVID-19 related orders [7] - The TIDES business revenue reached 2.08 billion yuan in 2024H1, showing a significant growth of 57.2% year-on-year, with a backlog increase of 147% [7] Order Backlog and Growth - As of 2024H1, the order backlog stands at 43.1 billion yuan, with a year-on-year growth of 33.2% when excluding specific commercial production projects [7] - The company has added 644 new molecules in 2024H1, with growth rates of 7% for R&D, 18% for D, and 20% for M segments [7] Market Position and Competitiveness - The company continues to maintain its leading position in the industry, with significant contributions from its peptide business and ongoing improvements in operational efficiency [7][8] - The report highlights the potential for long-term growth driven by the expansion of the TIDES business and the addition of new clients and projects [7]