WuXi AppTec(SH:603259) Caixin Securities·2024-11-01 04:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][10]. Core Insights - The company's performance in 2024 is expected to show a revenue growth of 2.70%-8.60% after excluding specific commercial production projects, with a projected revenue range of 383-405 billion yuan [7]. - The company reported a total revenue of 277.02 billion yuan for Q1-Q3 2024, a year-on-year decrease of 6.23%, but a 4.60% increase when excluding specific projects [5]. - The company has a strong order backlog of 438.20 billion yuan as of September 2024, reflecting a 35.20% year-on-year growth [7]. Financial Summary - The company's main revenue for 2024 is projected at 388.67 billion yuan, with a net profit of 94.85 billion yuan, resulting in an EPS of 3.28 yuan [4][8]. - The P/E ratio is expected to decrease from 16.29 in 2024 to 12.83 in 2026, indicating improving valuation metrics [4][8]. - The company achieved a net profit of 66.82 billion yuan for Q1-Q3 2024, down 14.22% year-on-year, with Q3 alone showing a net profit of 22.68 billion yuan, a decrease of 23.08% [5][6]. Business Segment Performance - The chemical business generated 200.94 billion yuan in revenue for Q1-Q3 2024, with a 10.40% increase when excluding specific projects [6]. - TIDES business (oligonucleotides and peptides) revenue grew by 71.00% to 35.50 billion yuan, with expectations for over 60% growth for the full year [6]. - The testing business saw a revenue decline of 4.86% to 46.18 billion yuan, primarily due to reduced industry demand and increased competition [6].