药明康德 603259.SH 公司研究 | 季报点评 行业龙头业绩高增，进一步上调全年指引 —药明康德 2025 年三季报点评 核心观点 盈利预测与投资建议 ⚫ 根据 25 年三季报，我们上调收入和毛利率预测，调整公司 2025-2027 年归母净利润 预测为 163.52、141.85、165.79（原预测 25-27 年分别为 105.14、123.29、 137.01）亿元，根据可比公司给予 26 年 29 倍 PE，对应目标价 137.75 元，维持"买 入"评级。 风险提示 医药研发服务市场需求下降、新分子需求不及预期影响产能利用率、医药研发服务行业 竞争加剧、境外经营及国际政策变动、行业监管政策变化等风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 40,341 | 39,241 | 44,757 | 50,394 | 57,065 | | 同比增长 (%) | 2.5% | -2.7% | 14.1% | 12.6% | 13.2% ...

药明康德 603259.SH 公司研究 | 季报点评 行业龙头业绩高增，进一步上调全年指引 —药明康德 2025 年三季报点评 核心观点 盈利预测与投资建议 ⚫ 根据 25 年三季报，我们上调收入和毛利率预测，调整公司 2025-2027 年归母净利润 预测为 163.52、141.85、165.79（原预测 25-27 年分别为 105.14、123.29、 137.01）亿元，根据可比公司给予 26 年 29 倍 PE，对应目标价 137.75 元，维持"买 入"评级。 风险提示 医药研发服务市场需求下降、新分子需求不及预期影响产能利用率、医药研发服务行业 竞争加剧、境外经营及国际政策变动、行业监管政策变化等风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 40,341 | 39,241 | 44,757 | 50,394 | 57,065 | | 同比增长 (%) | 2.5% | -2.7% | 14.1% | 12.6% | 13.2% ...

Investment Rating - The investment rating for WuXi AppTec is maintained as "Buy" for both A and H shares [6][7]. Core Views - The company reported a revenue of 39.24 billion RMB for 2024, a decrease of 2.7% year-on-year, but a growth of 5.2% year-on-year when excluding COVID-19 impacts, which aligns with expectations [1]. - The net profit attributable to shareholders for 2024 was 9.45 billion RMB, down 1.6% year-on-year, while the adjusted non-IFRS net profit was 10.58 billion RMB, a decrease of 2.5% year-on-year [1]. - The company has seen a significant increase in its order backlog, with expectations for accelerated growth in 2025-2026, leading to a positive outlook [1][2]. Summary by Sections Financial Performance - In Q4 2024, revenue increased by 6.9% year-on-year, and net profit attributable to shareholders surged by 90.6% year-on-year, driven by improved operational efficiency and favorable exchange rate fluctuations [1]. - The company’s gross margin improved to 43.5% in Q4 2024 from 40.9% in Q4 2023 [1]. Order Backlog and Growth Prospects - As of the end of 2024, the order backlog reached 49.31 billion RMB, reflecting a year-on-year growth of 47.0% [2]. - The TIDES segment showed remarkable growth, with order backlog increasing by 104% year-on-year [2]. Segment Performance - WuXi Chemistry reported a revenue of 29.05 billion RMB in 2024, a slight decrease of 0.4% year-on-year, but a growth of 11.2% year-on-year when excluding COVID-19 impacts [3]. - The CDMO segment generated 17.87 billion RMB, with a year-on-year growth of 6.4% when excluding COVID-19 impacts [3]. Profitability Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 11.79 billion RMB, 13.56 billion RMB, and 16.74 billion RMB, representing year-on-year growth rates of 24.8%, 14.95%, and 23.5% respectively [5]. - The company’s target prices are set at 89.42 RMB for A shares and 100.99 HKD for H shares, based on a sum-of-the-parts valuation [5][6]. Valuation - The company is valued at 258.24 billion RMB for A shares and 291.66 billion HKD for H shares, reflecting adjustments due to changes in the DDSU segment [11].