药明康德：整体业绩逐步复苏，TIDES业务保持高速增长

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, expecting a price increase of over 15% relative to the industry index in the next six months [12]. Core Views - WuXi AppTec's overall performance is gradually recovering, with TIDES business maintaining rapid growth. The company reported a revenue of 27.702 billion yuan in the first three quarters of 2024, a year-on-year decline of 6.23%, and a net profit of 6.533 billion yuan, down 19.11% year-on-year [1][6]. - The TIDES business revenue reached 3.55 billion yuan in the first three quarters of 2024, showing a strong growth of 71% year-on-year, with expectations for annual growth exceeding 60% [2]. - The company has a robust order backlog, with total orders amounting to 43.82 billion yuan, a year-on-year increase of 35.2% [6]. Financial Performance Summary - Revenue: - 2022: 39.355 billion yuan - 2023: 40.341 billion yuan - 2024E: 39.223 billion yuan - 2025E: 45.102 billion yuan - 2026E: 51.806 billion yuan - Year-on-year growth rates: 71.8% (2022), 2.5% (2023), -2.8% (2024E), 15.0% (2025E), 14.9% (2026E) [1][7]. - Net Profit: - 2022: 8.814 billion yuan - 2023: 9.607 billion yuan - 2024E: 9.378 billion yuan - 2025E: 10.820 billion yuan - 2026E: 12.430 billion yuan - Year-on-year growth rates: 72.9% (2022), 9.0% (2023), -2.4% (2024E), 15.4% (2025E), 14.9% (2026E) [1][7]. - Key Ratios: - ROE: 19.0% (2022), 17.5% (2023), 15.3% (2024E), 15.6% (2025E), 15.8% (2026E) [1][7]. - EPS: 3.05 (2022), 3.33 (2023), 3.25 (2024E), 3.75 (2025E), 4.30 (2026E) [1][7]. Business Segment Performance - Chemical Business: - Revenue in the first three quarters of 2024 was 20.09 billion yuan, down 5.40% year-on-year, but up 10.40% when excluding specific commercial production projects [2]. - Testing Business: - Revenue in the first three quarters of 2024 was 4.62 billion yuan, down 4.86% year-on-year [3]. - Biological Business: - Revenue in the first three quarters of 2024 was 1.83 billion yuan, down 3.64% year-on-year, with new molecular types showing a 6.0% increase [3]. - High-end CTDMO Business: - Revenue in the first three quarters of 2024 was 0.85 billion yuan, down 17.04% year-on-year, primarily due to project delays and cancellations [4].