药明康德（603259）：在手订单稳健增长，赛道龙头复苏趋势已现

Investment Rating - The investment rating for WuXi AppTec (603259.SH) is "Buy" (maintained) [1] Core Views - The company has shown a steady growth in backlog orders, indicating a recovery trend for the industry leader [1] - In 2024, the company achieved a revenue of 39.241 billion yuan, a year-on-year decline of 2.73%, but a 5.2% increase when excluding COVID-19 commercialization projects [4] - The net profit attributable to the parent company was 9.450 billion yuan, down 1.63% year-on-year, with an adjusted Non-IFRS net profit of 10.58 billion yuan, a decrease of 2.5% [4] - The net profit margin reached a historical high of 27.0% [4] - For Q4 2024, the company reported a revenue of 11.539 billion yuan, a year-on-year increase of 6.85% and a quarter-on-quarter increase of 10.31% [4] - The backlog orders as of the end of 2024 amounted to 49.31 billion yuan, a year-on-year increase of 47.0% [4] - The company maintains profit forecasts for 2025-2027, expecting net profits of 11.297 billion yuan, 12.858 billion yuan, and 15.493 billion yuan respectively, with corresponding EPS of 3.91 yuan, 4.45 yuan, and 5.36 yuan [4] Financial Performance Summary - In 2024, the chemical business generated revenue of 29.05 billion yuan, a year-on-year decline of 0.4%, but an 11.2% increase when excluding COVID-19 projects [5] - The TIDES business achieved revenue of 5.80 billion yuan, a year-on-year growth of 70.1%, with backlog orders increasing by 103.9% [5] - Clinical business revenue was 5.67 billion yuan, down 4.8% year-on-year, while the SMO business saw a 15.4% increase [6] - The company is focusing on building capabilities related to new molecular types, with related business revenue growing by 18.7% [6] Valuation Metrics - The total market capitalization is 202.159 billion yuan, with a circulating market capitalization of 175.064 billion yuan [1] - The current stock price is 70.00 yuan, with a PE ratio of 17.9 for 2025, 15.7 for 2026, and 13.0 for 2027 [4][8] - The projected revenue growth rates for 2025-2027 are 8.0%, 15.3%, and 17.9% respectively [8]