登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603259 证券简称：药明康德 公告编号：临2025-022 无锡药明康德新药开发股份有限公司 （一）投资者可于2025年4月10日（星期四）上午10:00-11:00，通过互联网登陆上证路演中心 （http://roadshow.sseinfo.com/），在线参与本次业绩说明会，公司将及时回答投资者的提问。 （二）投资者可于2025年4月2日（星期三）至2025年4月9日（星期三）16:00前登录上证路演中心网站 首页，点击"提问预征集"栏目（https://roadshow.sseinfo.com/preCallQa），根据活动时间，选中本次活动 ● 会议召开时间：2025年4月10日（星期四）上午10:00-11:00 ● 会议召开地点：上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心视频直播和网络互动 关于召开2024年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ...

Core Insights - The company reported a total revenue of 12.28 billion yuan for 2024, representing a year-on-year growth of 6.4% [1] - The net profit attributable to shareholders reached 1.79 billion yuan, up 12.0% year-on-year, while the adjusted Non-IFRS net profit was 1.61 billion yuan, down 15.6% year-on-year [1] Revenue and Profit Trends - Quarterly revenue showed a recovery trend, with Q1 to Q4 revenues of 2.67 billion, 2.93 billion, 3.21 billion, and 3.46 billion yuan respectively, indicating a year-on-year change of -2.0%, +0.6%, +10.0%, and +16.1% [1] - The adjusted Non-IFRS net profit for Q1 to Q4 was 340 million, 350 million, 420 million, and 500 million yuan respectively, with year-on-year changes of -22.7%, -28.8%, -13.2%, and +1.7% [1] Segment Performance - Laboratory services generated 7.05 billion yuan in revenue, accounting for 57.4% of total revenue, with a gross margin of 44.9% [2] - CMC services achieved 2.99 billion yuan in revenue, representing 24.4% of total revenue, with a gross margin of 33.6% [2] - Clinical research services reported 1.83 billion yuan in revenue, making up 14.9% of total revenue, with a gross margin of 12.8% [2] Market Dynamics - The company experienced a significant increase in new CMC orders, with a year-on-year growth of over 35% [2] - The company successfully commercialized two innovative drug formulations in China and received FDA pre-approval inspection for its Ningbo API production facility [2] Future Outlook - The company is expected to achieve net profits of 1.73 billion, 2.04 billion, and 2.40 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 28, 24, and 20 [3]

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, with a target price of 105.56 CNY based on a reasonable valuation level of 29 times the expected earnings per share for 2025 [3][6]. Core Insights - The company has shown a sequential improvement in performance, with a significant increase in backlog orders, which reached 49.31 billion CNY, a year-on-year growth of 47.0%. The TIDES segment saw a remarkable 104% increase in backlog orders [10]. - The revenue for 2024 is projected to recover to double-digit growth, supported by strong demand in the new molecule business and improved operational efficiency [10]. - The company’s revenue for 2023 was 39.24 billion CNY, reflecting a decrease of 2.7% year-on-year, but excluding COVID-19 related projects, the revenue increased by 5.2% [10]. Financial Summary - The expected revenue for 2025 is 42.46 billion CNY, with a year-on-year growth of 8.2%. The net profit attributable to the parent company is projected to be 10.51 billion CNY, reflecting an 11.3% increase [5][10]. - The gross margin is expected to improve to 43.5% in 2025, while the net margin is projected to be 24.8% [5]. - The earnings per share (EPS) for 2025 is estimated at 3.64 CNY, with a projected increase to 4.74 CNY by 2027 [5][10].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec [6] Core Views - The company has shown a quarter-on-quarter improvement in performance, with a significant increase in backlog orders, which grew by 47% year-on-year to 49.31 billion yuan [10] - The new molecule business (TIDES) has experienced rapid growth, with a year-on-year revenue increase of 57.2%, driven by strong market demand and the company's enhanced capabilities [10] - The company is expected to return to double-digit revenue growth in 2025, supported by robust order backlog and incentive plans for H-share awards [10] Financial Performance Summary - For 2023, the company reported revenue of 40.34 billion yuan, a year-on-year growth of 2.5%, while the adjusted net profit was 9.61 billion yuan, reflecting a 9% increase [5] - The projected revenue for 2025 is 42.46 billion yuan, with an expected net profit of 10.51 billion yuan, indicating a growth of 11.3% [3][5] - The gross margin is expected to improve to 43.5% in 2025, while the net margin is projected to be 24.8% [5] Valuation and Price Target - The report estimates a reasonable valuation for the company at a price-to-earnings ratio of 29 times for 2025, leading to a target price of 105.56 yuan [3] - The current share price is noted at 68 yuan as of March 27, 2025 [6] Market Performance - The stock has shown a 49.64% increase over the past 12 months, outperforming the market [7]

Investment Rating - The investment rating for the company is "Buy" indicating an expected return of over 10% relative to the CSI 300 index in the next six months [5][14]. Core Insights - The company reported a revenue of 39.241 billion RMB in 2024, a decrease of 2.73% year-on-year, while the net profit attributable to shareholders was 9.450 billion RMB, down 1.63% year-on-year. However, the net profit after deducting non-recurring items increased by 2.47% to 9.988 billion RMB [1]. - The company’s order backlog significantly increased to 49.31 billion RMB, representing a year-on-year growth of 47.0%, indicating strong customer demand [9]. - The company is expected to achieve double-digit growth in revenue from its ongoing operations in 2025, driven by a robust pipeline and increasing outsourcing in the pharmaceutical R&D sector [11]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 11.539 billion RMB, a year-on-year increase of 6.85%, and a net profit of 2.917 billion RMB, which is a substantial increase of 90.64% year-on-year [1]. - The chemical business generated revenue of 29.05 billion RMB, with a year-on-year growth of 11.2% when excluding specific commercial production projects [2]. Business Segments - The small molecule CRDMO business maintained strong performance, with the small molecule drug discovery segment delivering over 460,000 new compounds, a 10% increase year-on-year [2]. - The TIDES business (oligonucleotides and peptides) experienced rapid growth, achieving revenue of 5.8 billion RMB, a year-on-year increase of 70.1%, with a backlog growth of 103.9% [2]. Customer Base and Demand - Revenue from the top 20 global pharmaceutical companies reached 16.64 billion RMB, a year-on-year increase of 24.1% [4]. - The company has approximately 6,000 active clients, with 5,500 in ongoing operations, and added about 1,000 new clients throughout the year [9]. Market Outlook - The global pharmaceutical R&D investment is projected to grow from 260.6 billion USD in 2023 to 359.2 billion USD by 2028, with an annual growth rate of approximately 6.6% [10]. - The outsourcing rate in pharmaceutical R&D is expected to rise from 49.2% in 2023 to 58.2% in 2028, indicating a favorable environment for the company’s services [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [3][13]. Core Insights - The company has shown a gradual recovery in its business operations, with a significant increase in backlog orders, which are expected to drive revenue growth of 10%-15% in 2025. The TIDES business continues to perform strongly, contributing to overall revenue stability [5]. - In 2024, the company reported a slight decline in revenue to 39.24 billion yuan, down 2.73% year-on-year, but excluding COVID-19 related projects, revenue increased by 5.20%. The net profit attributable to the parent company was 9.45 billion yuan, a decrease of 1.63% year-on-year [5]. - The company’s gross margin for 2024 was 41.48%, with a net profit margin of 24.38%, indicating stable profitability despite slight revenue declines [5]. Financial Summary - Revenue projections for 2025-2027 are 42.33 billion, 48.38 billion, and 57.11 billion yuan, reflecting year-on-year growth rates of 7.86%, 14.29%, and 18.05% respectively [5][12]. - The net profit attributable to the parent company is forecasted to be 11.16 billion, 13.30 billion, and 16.01 billion yuan for 2025-2027, with growth rates of 18.10%, 19.14%, and 20.43% respectively [5][12]. - The company’s P/E ratio is projected to decrease from 21.39 in 2025 to 12.62 by 2027, indicating an improving valuation over time [5][12]. Business Segments Performance - The TIDES business segment achieved a revenue of 5.80 billion yuan in 2024, marking a robust growth of 70.1% year-on-year, with backlog orders increasing by 103.9% [5]. - The chemical business segment reported a revenue of 29.05 billion yuan, with a growth rate of approximately 11.2% when excluding COVID-19 related revenues [5]. - The testing business segment saw a revenue of 5.67 billion yuan, with a slight decline of 4.8%, while the clinical CRO and SMO services grew by 2.8% [5]. Order Backlog - The company’s order backlog reached 49.31 billion yuan, representing a significant increase of 47.0% year-on-year, indicating strong future revenue potential [5]. Conclusion - The company's integrated, end-to-end strategy is expected to solidify its competitive advantages and drive long-term growth, justifying the "Buy" rating [5].

Investment Rating - The industry investment rating is "Positive" with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [15]. Core Insights - The leading CRO company, WuXi AppTec, has shown continuous improvement in performance, with a revenue of 39.241 billion RMB in 2024, reflecting a year-on-year growth of 5.2% after excluding COVID-19 commercialization projects [3]. - The adjusted non-IFRS net profit for WuXi AppTec reached 10.583 billion RMB, with a net profit margin of 27.0%, marking a historical high [3]. - The company anticipates a revenue growth of 10%-15% in 2025, projecting total revenue to reach between 41.5 billion and 43 billion RMB [5]. - The global medical investment market is showing signs of recovery after two years of decline, with 2,291 investment deals completed in 2024, totaling 58.2 billion USD, a slight increase of 1% compared to 2023 [7]. - Despite the positive outlook for global investment, domestic medical health financing in China decreased by 33% in 2024 compared to 2023, with only 7.3 billion USD raised [8]. Summary by Sections Company Performance - WuXi AppTec's revenue and profit have been steadily increasing, with Q4 2024 revenue reaching 11.54 billion RMB, a 45% increase from Q1 [3]. - The company has maintained a strong performance despite challenges, indicating robust strength and trust from overseas clients in Chinese CROs [5]. Market Trends - The biopharmaceutical sector remains the largest category for investment, with oncology drugs being a hot topic in domestic investments [13]. - The global biopharmaceutical financing landscape is dominated by projects related to AI in pharmaceuticals, weight-loss drugs, and immunotherapy, reflecting significant investor interest [13].

Investment Rating - The investment rating for the company is "Buy" [3][6] Core Insights - The company's revenue for 2024 was 39.24 billion, a year-on-year decrease of 2.73%, while the net profit attributable to shareholders was 9.45 billion, down 1.63%. However, the adjusted net profit increased by 2.47% year-on-year [1][2] - The company has shown a strong growth trend in orders, with a year-end backlog of 49.3 billion, representing a 47% increase year-on-year. The new signed orders for 2024 reached 53.6 billion, a growth of 25.5% compared to 42.8 billion in 2023 [2][5] - The company expects a revenue growth guidance of 10% to 15% for 2025, driven by cost reduction and efficiency improvements [2] Financial Performance Summary - For 2024, the company reported total revenue of 39.24 billion, with a breakdown of revenue by business segments: - Small molecule CDMO: 17.87 billion (up 6.4%) - TIDES: 5.8 billion (up 70.1%) - R&D services: 5.38 billion (down 9.2%) - Testing services: 5.67 billion (down 4.8%) - Biology services: 2.54 billion (down 0.3%) [2] - The company plans to increase capital expenditure to 7-8 billion in 2025, significantly up from 4 billion in 2024, to enhance production capacity [5][6] - The earnings per share (EPS) forecast for 2025 is adjusted to 4.17, with a projected PE ratio of 17 [6][8] Future Outlook - The company anticipates continued growth in its order book and revenue, with a focus on expanding production capacity and enhancing operational efficiency [2][5] - The company is also planning to increase shareholder returns through dividends and share buybacks, with a proposed dividend of 3.84 billion for 2024 [5]

Core Insights - WuXi AppTec achieved a revenue of 39.241 billion yuan in 2024, with a year-on-year growth of 5.2% after excluding COVID-19 commercialization projects, and a net profit attributable to shareholders of 9.45 billion yuan [1][2] Revenue Breakdown - The TIDES (oligonucleotide and peptide) business experienced significant growth, generating 5.8 billion yuan in revenue, a year-on-year increase of 70.1%, with a backlog of orders growing by 103.9% [2][4] - The laboratory analysis and testing business reported revenue of 3.86 billion yuan, reflecting an 8.0% decline year-on-year, with drug safety evaluation revenue down by 13.0% [2] - Clinical CRO (Contract Research Organization) and SMO (Site Management Organization) services generated 1.81 billion yuan, marking a 2.8% increase, with SMO revenue up by 15.4% [2] Geographic Contribution - The U.S. region contributed significantly to revenue, accounting for 25.02 billion yuan, or 64% of total revenue, with a year-on-year growth of 7.7% after excluding COVID-19 projects; revenue from China decreased by 3.5% [3][5] Future Outlook - The company aims for a revenue target of 41.5 to 43 billion yuan in 2025, with a growth rate of 10% to 15%, and plans for capital expenditures of 7 to 8 billion yuan, alongside free cash flow of 4 to 5 billion yuan [3] - The management expressed confidence in fully utilizing production capacity due to the strong demand for GLP-1 products, with over 20 GLP-1 projects in the pipeline, representing more than 20% of the market share [4][5] Technological Advancements - The company is exploring the application of AI in drug development, particularly in the R&D phase, although this is still in the early stages; it aims to enhance efficiency through a combination of human intelligence and AI [6]

28.35亿元+10亿元，药明康德大手笔分红！ 3月17日晚间，无锡药明康德新药开发股份有限公司（以下简称"药明康德"，股票代码：603259） 发布2024年年度报告称，公司2024年实现营业收入392.41亿元，剔除新冠商业化项目同比增长5.2%；实 现归属于上市公司股东的净利润94.50亿元，2024年全年已完成年初所设定的经营目标。单季度来看， 第四季度收入创下单季度历史新高。此外，公司全年自由现金流达到历史新高79.8亿元。 值得一提的是，为持续激励保留人才，药明康德发布了2025年H股奖励信托计划（草案），在2025 年营业收入完成420亿元时，将授予15亿港元H股，并在达到430亿元及以上时，将额外授予10亿港元H 股。（记者 李亚男） 免责声明：以上内容为本网站转自其它媒体，相关信息仅为传递更多信息之目的，不代表本网观 点，亦不代表本网站赞同其观点或证实其内容的真实性。如稿件版权单位或个人不想在本网发布，可与 本网联系，本网视情况可立即将其撤除。 供稿：吕怡蕾 编辑：康书源 审核：吴娜 根据2024年度分红预案，公司拟向全体股东每10股派发现金红利9.8169元（含税），以目前公司总 股本测算 ...