WuXi AppTec(603259) 长江证券·2024-11-04 07:41Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 277.02 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.23%. The net profit attributable to shareholders was 65.33 billion yuan, down 19.11% year-on-year [4]. - In Q3 2024, the company achieved a revenue of 104.61 billion yuan, a decrease of 1.96% year-on-year, but a 13.0% increase quarter-on-quarter. The adjusted Non-IFRS net profit for the same quarter was 29.74 billion yuan, down 3.22% year-on-year but up 20.9% quarter-on-quarter [4][5]. - The company has a strong order backlog of 438.2 billion yuan as of September 2024, reflecting a year-on-year growth of 35.2%, with TIDES orders growing by 196% [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 277.02 billion yuan, with a net profit of 65.33 billion yuan. The adjusted Non-IFRS net profit was 73.46 billion yuan [4]. - The Q3 revenue was 104.61 billion yuan, with a net profit of 22.93 billion yuan, and an adjusted Non-IFRS net profit of 29.74 billion yuan [4]. Business Segments - The chemical segment showed robust growth, with revenue of 200.9 billion yuan in the first three quarters, excluding specific commercial production projects, reflecting a 10.4% year-on-year increase. The small molecule D&M business generated 124.7 billion yuan, up 7.0% year-on-year, while TIDES revenue reached 35.5 billion yuan, a strong growth of 71.0% [5]. Future Outlook - The company expects revenue for 2024 to be between 383 billion and 405 billion yuan, with a projected growth rate of 2.7% to 8.6% after excluding specific commercial projects. The adjusted Non-IFRS net profit margin is expected to remain stable compared to the previous year [5].