药明康德：TIDES业务表现优异，在手订单增长强劲-20250319

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The company has shown strong performance in its TIDES business, with a significant increase in backlog orders [2][6] - The company expects a revenue growth of 10%-15% in 2025, driven by strong order backlog and new capacity [7][8] - The company plans to increase shareholder returns through a special dividend and share buyback program [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 403.41 billion - 2024A: 392.41 billion (down 2.73% YoY) - 2025E: 426.09 billion (up 8.58% YoY) [2][9] - Net profit projections are: - 2023A: 96.07 billion - 2024A: 94.50 billion - 2025E: 115.49 billion [2][9] - Earnings per share (EPS) are expected to increase from 3.33 in 2023A to 4.00 in 2025E [2][9] Business Segment Performance - The TIDES business achieved revenue of 58.00 billion in 2024, a 70.10% increase YoY, with backlog orders growing by 103.9% [6][7] - Chemical business revenue was 290.52 billion in 2024, with a slight decline of 0.41% YoY, but a growth of 11.20% when excluding specific projects [6][7] - Testing and biological services faced challenges, with revenues of 56.71 billion and 25.44 billion respectively, showing declines [6][7] Market Position and Valuation - The company is expected to achieve a price-to-earnings (P/E) ratio of 16.01 in 2025, with a target price range of 72.00-80.00 per share based on a P/E of 18-20 [8][9]