证券研究报告：医药生物 | 公司点评报告 发布时间：2026-03-25 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 93.68 | | --- | --- | | 总股本/流通股本（亿股）29.84 / 24.73 | | | 总市值/流通市值（亿元）2,795 / 2,317 | | | 52 周内最高/最低价 | 112.85 / 51.25 | | 资产负债率(%) | 22.2% | | 市盈率 | 13.98 | | 第一大股东 | HKSCC NOMINEES | | LIMITED | | 研究所 Testing 和 Biology 业务企稳，毛利率仍有承压 Testing 业务 25 年收入 40.4 亿元（+4.7%）、毛利率 30.5%（- 5.7pct），全年恢复正增长，价格因素仍影响毛利率。Biology 业务 25 年收入 26.8 亿元（+5.5%）、毛利率 37.0%（-1.9pct）；25Q4 收入 7.3 亿元（+2.8%）、毛利率 36.6%（-4.2pct），毛利率同样受市场竞争影 响，公司保持灵活定价策略。 分析师:盛丽华 S ...

23 March 2026 | 9:56PM HKT Equity Research WuXi AppTec Co. (2359.HK): First take: FY26 revenue guidance largely as expected, focus on backlog quality, FX impact and margin n FY26 revenue guidance largely in line: Mgmt guided FY26 total revenue of Rmb51.3–53.0bn, +12.9% to +16.6% y/y, with +18–22% y/y growth for continuing operations (vs +21.4% in FY25). It was largely in line with the preliminary guidance provided in January (see our note). Investors are likely to focus on the embedded FX assumption for USD ...

Core Viewpoint - The recent rebound in the CXO sector is not indicative of a comprehensive recovery but rather a reaction to easily confirmable short-term improvements, particularly among domestic demand-driven CRO and experimental service companies, while leading CDMO companies focused on external demand have underperformed [3][4][5]. Market Dynamics - The market is currently trading based on short-term rebounds rather than a long-term recovery in the CXO industry, with a notable divergence in performance between domestic-focused companies and those reliant on global demand [4][5]. - Despite an overall positive sentiment in the industry, caution remains regarding CDMO companies, which are facing complex pricing environments and geopolitical uncertainties that could impact long-term growth [5][12]. Financial Performance - WuXi AppTec's 2025 performance forecast indicates a revenue of approximately 454.56 billion RMB, a year-on-year increase of about 15.84%, and a net profit of around 191.51 billion RMB, reflecting a significant growth of 102.65% [7]. - The company's revenue growth trajectory has shown consistent improvement throughout the year, with a core business revenue increase of approximately 21.40%, indicating enhanced growth momentum post-divestiture of certain business segments [9][10]. Market Sentiment and Valuation - The market's cautious stance towards CDMO companies is driven by uncertainties regarding future growth, particularly in relation to geopolitical risks and the sustainability of demand for emerging business lines like TIDES [12][13]. - The valuation of CDMO companies reflects a conservative outlook on long-term growth potential rather than immediate revenue uncertainties, leading to a disconnect between fundamental recovery and stock price performance [10][28]. Structural Changes in the Industry - The growth in WuXi AppTec's small molecule D&M business is attributed to an expansion in order structure and capabilities, moving beyond traditional roles to encompass more complex production processes [20][22]. - The acquisition of Dongyao Pharmaceutical by WuXi AppTec highlights a strategic move to secure capacity in a high-demand sector, emphasizing the importance of time as a critical resource in the competitive landscape [24][26]. Conclusion - The current rebound in the CXO sector appears to be driven by emotional and anticipatory factors rather than a full reassessment of long-term industry value, with a clear distinction between domestic and external demand dynamics [28][29].

Summary of Wuxi Apptec Conference Call Company Overview - **Company**: Wuxi Apptec - **Industry**: Pharmaceutical R&D services - **Market Position**: Largest chemical drug contract research, development, and manufacturing organization (CRDMO) in China [12][13] Key Financial Highlights - **Q3 2025 Performance**: - Revenue: Rmb12.1 billion, up 15.3% YoY and 8.2% QoQ, exceeding estimates [2] - Net Profit: Rmb3.5 billion, up 53.3% YoY, also beating estimates [2] - Adjusted non-IFRS net profit: Rmb4.2 billion, up 42.0% YoY [2] - Adjusted non-IFRS gross margin: 44.5%, improved by 6.1 percentage points YoY [2] - Backlog for continuing operations: Rmb59.9 billion, a strong 41.2% YoY increase [2] Business Segment Performance - **Wuxi Chemistry**: - Revenue: Rmb9.7 billion, up 15.3% YoY and 8.6% QoQ - TIDES business revenue: Rmb2.8 billion, up 91.2% YoY, contributing 29% to Wuxi Chemistry revenue [3] - TIDES backlog: Increased by 17.1% YoY [3] - **Wuxi Testing**: - Revenue: Rmb1.5 billion, up 2.1% YoY and 6.1% QoQ - CRO/SMO segment revenue: Down 6.4% YoY [3] - **Wuxi Biology**: - Revenue: Rmb696 million, up 5.9% YoY [3] Geographic Performance - **US Market**: Key growth driver with revenue up 31.9% YoY to Rmb22.2 billion [3] - **Europe**: Revenue increased by 13.5% YoY to Rmb3.8 billion [3] - **China**: Returned to positive growth with revenue of Rmb5.0 billion, up 0.5% YoY [3] Future Guidance and Strategic Moves - **Revenue Guidance for 2025**: Raised from Rmb42.5-43.5 billion to Rmb43.5-44.0 billion [4] - **Continuing Revenue Growth Guidance**: Increased from 13%-17% to 17%-18% YoY [4] - **Divestiture**: Announced divestiture of clinical CRO/SMO business for Rmb2.8 billion, allowing focus on core CRDMO business [4] Valuation and Investment Outlook - **Price Target**: Increased to HK$138.4 from HK$136.1, rated as "Buy" [5] - **EPS Forecast Adjustments**: Increased by 23.4% for 2025, with slight adjustments for subsequent years [5][10] - **Market Capitalization**: Approximately HK$326 billion (US$42.0 billion) [7] Risks and Considerations - **Key Risks**: Include potential project delays, geopolitical uncertainties, and lower-than-expected R&D spending by pharmaceutical companies [13] - **Market Sentiment**: Positive outlook with expectations of improved global biopharma funding [15] Additional Insights - **Analyst Ratings**: 12-month rating of "Buy" with a forecast stock return of 27.1% [11][19] - **Market Performance**: Stock price as of October 24, 2025, was HK$110.50, within a 52-week range of HK$121.40-45.65 [7]

Core Insights - The company achieved a revenue of 32.86 billion yuan in Q1-Q3 2025, representing an 18.6% year-on-year increase, with a net profit attributable to shareholders of 12.076 billion yuan, up 84.84% [1] - The company has raised its full-year guidance, expecting a 17-18% growth in continuous operating revenue for 2025, up from the previous estimate of 13-17% [2] Financial Performance - Q3 revenue reached 12.06 billion yuan, a 15.3% increase year-on-year, with a net profit of 3.515 billion yuan, up 53.27% [1] - Adjusted net profit for Q3 was 4.22 billion yuan, reflecting a 42% increase [1] - The adjusted net profit margin improved by 1.7 percentage points to 32.1% [2] Business Segments - The chemical business generated 25.98 billion yuan in revenue for the first three quarters of 2025, a 29.3% increase, with a gross margin of 51.3% [2] - Small molecule D&M revenue was 14.24 billion yuan, up 14.1%, while TIDES revenue surged by 121.1% to 7.84 billion yuan [2] - The Testing business reported revenue of 4.17 billion yuan for Q1-Q3 2025, with a gross margin of 26.5% [3] - The biological segment generated 1.95 billion yuan in revenue, with a gross margin of 37% [3] Order Backlog and Growth Prospects - The company had an order backlog of 59.88 billion yuan as of Q3 2025, a 41.2% year-on-year increase [2] - The TIDES order backlog grew by 17.1% year-on-year, indicating strong short-term performance certainty [3] Profit Forecast - Revenue projections for 2025-2027 are 45.036 billion yuan, 52.98 billion yuan, and 61.18 billion yuan, with respective year-on-year growth rates of 14.77%, 17.64%, and 15.48% [4] - Net profit forecasts for the same period are 14.346 billion yuan, 16.033 billion yuan, and 19.093 billion yuan, with year-on-year growth rates of 51.8%, 11.76%, and 19.09% [4]

Summary of WuXi AppTec Co. (2359.HK) 3Q25 Earnings Call Company Overview - **Company**: WuXi AppTec Co. (2359.HK) - **Industry**: Biotechnology and Pharmaceutical Services Key Points Financial Performance - **Revenue Guidance**: The company raised its full-year revenue guidance and reiterated its target for TIDES revenue growth of 80% for the year [1][10] - **Gross Margin**: Achieved a record non-IFRS gross margin of 51.5% in 3Q25, up from 42.0% in 2023 and 41.6% in 2024, driven by: - Increased late-stage clinical and commercial projects in the chemistry segment [2] - Process optimization and operational improvements [2] - Ongoing divestment of lower-margin businesses [2] Order Growth and Backlog - **New Orders**: New order growth for 3Q25 was robust at 18%, with significant contributions from small molecule D&M projects [3] - **Pipeline**: The pipeline includes high-potential assets in various therapeutic areas such as GLP-1 and PCSK9 [3] - **Backlog Growth**: TIDES backlog growth was reported at 17%, reflecting a high base and large delivery volumes [3] Market Dynamics - **Sector Recovery**: Early-stage laboratory services are showing signs of recovery, with double-digit new order growth [3] - **Pricing Stability**: Pricing for safety assessments stabilized in 2025, although a full recovery is anticipated to take time [4] Geopolitical Impact - **Limited Impact**: The company noted limited impact from geopolitical uncertainties, with ongoing discussions regarding tariff developments and the Biosecure Act [8] Future Outlook - **Operational Focus**: Emphasis on operational excellence and technological advancements to secure client orders [1] - **Guidance for Next Year**: Management plans to provide guidance for next year's revenue and TIDES growth during the full-year results call [1] Risks and Valuation - **Valuation Adjustments**: FY25-27 non-IFRS EPS estimates revised upwards by 4.7%, 3.7%, and 5.9% due to margin improvements [10] - **Target Price**: The 12-month target price is set at HK$122.5, reflecting a 6.5% upside from the current price [12] - **Key Risks**: Include potential legislative impacts from the US Biosecure Act, pricing pressures, regulatory risks, and uncertainties in the business discovery model [10] Additional Insights - **Technological Advancements**: Increasing importance of technological advancements in securing client orders [1] - **Market Position**: The company is positioned to benefit from a favorable revenue mix and operational improvements, contributing to its competitive edge in the biotechnology sector [2][10]

Core Insights - The company reported strong financial performance for Q1-Q3 2025, with revenue of 32.86 billion yuan, a year-on-year increase of 18.6%, and a net profit of 12.08 billion yuan, reflecting a significant year-on-year growth of 84.8% [1] - The company has raised its revenue growth guidance for 2025 from 13-17% to 17-18%, driven by robust demand in core business areas and improved operational efficiency [2] - The company plans to divest its clinical research services business for 2.8 billion yuan, which is expected to help focus on core operations and accelerate global capacity expansion [2] Financial Performance - Revenue for Q1-Q3 2025 reached 32.86 billion yuan, with a 22.5% year-on-year increase in continuing operations revenue [1] - Adjusted non-IFRS net profit was 10.54 billion yuan, up 43.4% year-on-year, with a net profit margin of 32.1%, an increase of 5.6 percentage points year-on-year [1] - The company’s continuing operations backlog reached 59.88 billion yuan, a year-on-year increase of 41.2% [2] Business Segments - The small molecule CDMO and TIDES segments showed strong growth, with WuXi Chemistry generating 25.98 billion yuan in revenue, a year-on-year increase of 29.3% [2] - TIDES revenue surged by 121.1% year-on-year to 7.84 billion yuan, while D&M revenue increased by 14.1% year-on-year to 14.24 billion yuan [2] - The drug safety evaluation segment maintained industry leadership, with laboratory analysis and testing revenue of 1.08 billion yuan, reflecting a year-on-year increase of 2.7% [2] Profit Forecast and Valuation - The company has revised its earnings forecasts for 2025 and 2026 upwards by 6.0% and 2.8%, respectively, to 15.63 billion yuan and 14.82 billion yuan [3] - Current A-shares are valued at 19.8x and 20.9x PE for 2025 and 2026, while H-shares are valued at 19.3x and 20.1x PE for the same periods [3] - Target prices for A-shares and H-shares have been raised by 7.4% to 123.5 yuan and 7.1% to 135.0 yuan, respectively, indicating an upside potential of 19.0% and 22.2% [3]

Summary of WuXi AppTec Co. Earnings Call Company Overview - **Company**: WuXi AppTec Co. (2359.HK) - **Industry**: Biotechnology and Pharmaceutical Services Key Financial Highlights - **2Q25 Sales**: Rmb11.1 billion, representing a **20.4% year-over-year (y/y)** increase [1] - **Adjusted Net Profit (NP)**: Rmb6.3 billion, up **44.4% y/y** with an adjusted net margin (NM) of **30.4%** [1] - **Gross Margin**: Increased to **45.8%** from **41.6%** in 1Q25, driven by process improvements and cost management [1] - **Revenue Guidance for FY25**: Raised to **+13%-17% y/y** from **10%-15% y/y**, with full-year revenue expected to reach Rmb42.5-43.5 billion [2] Growth Drivers - **TIDES Revenue Growth**: Management raised TIDES revenue growth guidance to **>80% y/y** for FY25, indicating strong momentum in the second half of the year [8] - **New Orders**: Increased by **12% y/y** excluding foreign exchange (FX) effects, with a backlog for continuing operations growing **37.2% y/y** to Rmb56.69 billion [5] - **Pipeline Opportunities**: Focus on complex oral small molecule GLP-1 programs and other indications such as PCSK9 and autoimmune diseases [6] Regional Performance - **US Market Growth**: Notably outperformed other regions with a **48% y/y** increase, while China saw a **9% y/y** decline and Europe a **7% y/y** decline [1] Operational Insights - **Capacity Utilization**: Full utilization of 1H capacity, with growth in 2H contingent on new capacity validation [5] - **Early-Stage Services**: Recovery remains slow due to biotech funding constraints, but demand for high-quality programs is resilient [8] Capital Expenditure and Shareholder Returns - **Capex**: 2Q25 capex was Rmb1.37 billion, with full-year guidance maintained at Rmb7-8 billion [8] - **Shareholder Returns**: Over Rmb1 billion in A-share repurchase completed in 1H25, with additional Rmb1 billion planned [8] Risks and Valuation - **Valuation**: Target price raised to HK$96.90 from HK$85.50, based on a forward P/E of 17x [11] - **Key Risks**: Include potential legislative impacts from the US Biosecure Act, pricing pressures, and regulatory risks [11] Additional Insights - **Management's Conservative Approach**: Despite raising guidance, management remains cautious due to ongoing policy uncertainties [2] - **Focus on High-Quality Clients**: The company is prioritizing differentiated capabilities and high-quality clients to navigate market challenges [8] This summary encapsulates the key points from the earnings call, highlighting the company's performance, growth strategies, and market outlook.

Group 1 - The core viewpoint of the report highlights the impressive year-on-year growth in revenue and profit for WuXi AppTec in Q2 [2] - The revenue growth of small molecule drug development (DM) exceeded expectations, while TIDES continued to show strong growth [2] - The laboratory business remained stable, although competition in the clinical CRO market continues to be a factor that needs to be addressed [2]

Core Viewpoint - WuXi AppTec reported strong financial results for 1H25, exceeding expectations, with significant revenue and profit growth, prompting an upward revision of full-year guidance for 2025 [1][2]. Financial Performance - Revenue increased by 20.6% YoY, with continuing operations growing by 24.2% YoY [1] - Adjusted non-IFRS net profit surged by 44.4% YoY [1] - Revenue from continuing operations and adjusted non-IFRS net profit accounted for 47.5% and 54.4% of full-year forecasts, respectively, both higher than historical ranges [1] Operational Highlights - Management raised full-year guidance for 2025, expecting revenue growth for continuing operations to be between 13-17%, up from the previous 10-15% [2] - The demand for late-stage clinical and commercial manufacturing has been a key growth driver for the global CXO industry post-COVID [2] - TIDES revenue surged by 141.6% YoY due to faster-than-expected manufacturing capacity ramp-up [2] - Revenue from small molecule D&M grew by 17.5% YoY, indicating a recovery from previous negative growth [2] Capacity Expansion - WuXi AppTec's backlog grew by 37.2% YoY, with TIDES backlog increasing by 48.8% YoY [3] - Plans to increase peptide capacity to over 100k liters by the end of 2025 to meet demand [3] - Ongoing capacity expansion at multiple sites, including locations in China, Singapore, the US, and Switzerland [3] - Capex target reaffirmed at RMB7-8 billion for 2025, with potential increases anticipated in the coming years [3] Early-stage R&D Insights - Revenue from early-stage R&D services showed sequential improvements but a meaningful recovery is expected to take time [4] - Early-stage R&D services contribute approximately 30% of the company's total revenue [4] Investment Outlook - Target price raised from RMB77.22 to RMB116.56 based on upgraded guidance and improved macro environment [5] - Expected revenue growth from continuing operations of 16.0%/15.9%/15.8% YoY and adjusted non-IFRS net profit growth of 16.2%/17.6%/16.4% YoY for 2025E/26E/27E, respectively [5]