药明康德：在手订单持续复苏，公司迎来边际改善

Investment Rating - The investment rating for WuXi AppTec is maintained at "Buy-A" with a target price of 72.20 CNY per share [6][9]. Core Views - The company reported a revenue of 27.702 billion CNY and a net profit attributable to shareholders of 6.533 billion CNY for the first three quarters of 2024, representing a year-on-year decline of 6.23% and 19.11% respectively [2][3]. - The company is experiencing a recovery in its order backlog, with total orders reaching 43.82 billion CNY as of September 2024, a year-on-year increase of 35.2% [3]. - The TIDES business segment continues to show strong growth, with revenue of 3.55 billion CNY for the first three quarters of 2024, a year-on-year increase of 71.0% [4]. - The small molecule CDMO pipeline is expanding, with revenue of approximately 12.47 billion CNY for the first three quarters of 2024, showing a year-on-year growth of 7.0% when excluding specific commercial production projects [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 27.702 billion CNY and a net profit of 6.533 billion CNY, with respective year-on-year declines of 6.23% and 19.11% [2][3]. - The revenue from the chemical business was 20.094 billion CNY (-5.40%), testing business 4.618 billion CNY (-4.86%), biological business 1.826 billion CNY (-3.64%), high-end therapeutic CTDMO business 0.853 billion CNY (-17.04%), and domestic new drug R&D services 0.290 billion CNY (-41.01%) [2]. Order Backlog and Future Outlook - The company has a robust order backlog, with total orders reaching 43.82 billion CNY as of September 2024, reflecting a 35.2% year-on-year increase [3]. - The TIDES business segment is expected to see annual revenue growth exceeding 60% due to strong order growth and capacity expansion [4]. Business Segments - The TIDES business segment reported a revenue of 3.55 billion CNY for the first three quarters of 2024, with a year-on-year growth of 71.0% [4]. - The small molecule CDMO segment generated approximately 12.47 billion CNY in revenue for the first three quarters of 2024, with a 7.0% year-on-year growth when excluding specific projects [5].