药明康德：在手订单加速，需求逐步回暖

Investment Rating - The investment rating for WuXi AppTec (603259) is "Buy" [6] Core Views - The company reported a revenue of 27.7 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.2%. However, excluding specific commercial production project revenues, there was a growth of 4.6%. The adjusted net profit attributable to the parent company was 7.35 billion yuan, down 10.1% year-on-year [5][6] - The company maintains its full-year guidance, expecting revenue to reach between 38.3 billion and 40.5 billion yuan for 2024, with a positive growth forecast of 2.7% to 8.6% when excluding COVID-19 commercial projects [6] - The order backlog has accelerated, with a total of 43.82 billion yuan as of September 30, 2024, representing a year-on-year increase of 35.2% when excluding COVID-19 orders [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the chemical business segment generated a revenue of 20.09 billion yuan, with a year-on-year growth of 10.4% when excluding specific commercial production projects. The revenue for Q3 alone was 7.88 billion yuan, showing a year-on-year increase of 1.4% [5][6] - The total revenue for 2024 is projected to be 40.39 billion yuan, with a slight year-on-year growth of 0.1% expected [7][8] - The net profit attributable to the parent company is forecasted to be 10.0 billion yuan for 2024, reflecting a year-on-year increase of 4.1% [7][8] Business Segments - The TIDES segment saw a significant year-on-year revenue growth of 71.0% in the first three quarters of 2024, amounting to 3.55 billion yuan [5][6] - The Testing segment's revenue was 4.62 billion yuan, down 4.9% year-on-year, while the clinical CRO and SMO business generated 1.36 billion yuan, showing a year-on-year growth of 3.4% [5][6] Profitability Metrics - The projected net profit margins for 2024 are expected to remain stable, with an adjusted net profit margin level similar to the previous year [6] - The company anticipates a PE ratio of 15 for 2024 and 2025, and 13 for 2026, indicating a favorable valuation outlook [6]