CXO行业24年三季报总结及25年投资展望：海外需求回暖，出海CXO环比改善

Investment Rating - The report maintains a "Buy" rating for the CXO sector, indicating expected returns exceeding the market benchmark index by more than 15% over the next 6-12 months [113]. Core Insights - The CXO sector has shown signs of recovery, with many companies reporting sequential improvements in revenue and new orders in Q2 and Q3 of 2024 [26][153]. - The overall performance of the CXO sector is under pressure, with a notable decline in net profit margins due to high base effects from previous large orders and increased competition [149][160]. - The demand for innovative drugs is expected to gradually recover, supported by government policies aimed at enhancing the innovation ecosystem [209][210]. Summary by Sections Financial Performance - In the first three quarters of 2024, the CXO sector generated total revenue of 63.617 billion yuan, a year-on-year decrease of 7.76%, and a net profit of 10.797 billion yuan, down 33.88% year-on-year [6]. - The performance of individual companies varies significantly, with some like WuXi AppTec and Kelun Pharmaceutical showing resilience, while others face challenges [6][10]. Market Trends - The report highlights a recovery in overseas business for many CXO companies, with WuXi AppTec's revenue from the US market reaching 6.9 billion yuan in Q3, a 19% increase from the previous quarter [26][29]. - The demand for peptide drugs remains strong, with WuXi AppTec's TIDES business revenue growing by 71% year-on-year in the first three quarters of 2024 [144][252]. Investment Opportunities - The report suggests that the CXO sector is at a valuation bottom, with potential for recovery as high base effects from previous large orders are cleared [141][146]. - The increasing support for innovative drug development from the government is expected to boost the overall market sentiment and investment in the sector [209][210]. Capacity and Infrastructure - As of Q3 2024, the CXO sector's construction projects totaled 14.617 billion yuan, reflecting a year-on-year decline of 9.01%, while fixed assets reached 45.994 billion yuan, up 16.63% year-on-year [167]. - Major companies like WuXi AppTec and Kelun Pharmaceutical are expanding their production capacities to meet growing demand, particularly in the peptide segment [252][278].