药明康德（603259）：TIDES业务表现优异，在手订单增长强劲

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 significant growth 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) - 2026E: 479.18 billion - 2027E: 535.53 billion [2][9] - Net profit projections are: - 2023A: 96.07 billion - 2024A: 94.50 billion - 2025E: 115.49 billion - 2026E: 129.68 billion - 2027E: 144.86 billion [2][9] - Earnings per share (EPS) are projected to increase from 3.33 in 2023A to 5.02 in 2027E [2][9] Business Segment Performance - The TIDES business (mainly oligonucleotides and peptides) achieved revenue of 58.00 billion in 2024, a 70.10% increase YoY [6][7] - The chemical business generated revenue of 290.52 billion in 2024, with a slight decline of 0.41% YoY, but a growth of 11.20% when excluding specific commercial production projects [6][7] - The testing business saw revenue of 56.71 billion in 2024, down 4.82% YoY, impacted by reduced industry demand and increased competition [6][7] Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 19.25 in 2023A to 12.77 in 2027E [2][9] - The price-to-book (P/B) ratio is expected to decline from 3.35 in 2023A to 2.23 in 2027E [2][9] - The target price for the company is set between 72.00 and 80.00 per share based on a P/E of 18-20 for 2025 [8]