> **来源：[研报客](https://pc.yanbaoke.cn)** # WuXi AppTec (603259 CH) 1Q26 Summary ## Core Financial Performance - **1Q26 Revenue**: RMB12.4 billion, up **28.8% YoY**. - **Continuing Operations Revenue**: RMB12.4 billion, up **39.4% YoY**. - **Adj. Non-IFRS Attributable Net Profit**: RMB4.6 billion, up **71.7% YoY**. - **Full-Year Revenue Forecast**: 1Q26 revenue represents **24.1%** of the full-year forecast, higher than the historical average of **18-20%**. - **Backlog Growth**: Backlog for continuing operations increased by **23.6% YoY** (or **29% YoY** excluding FX fluctuations) to RMB59.8 billion. - **New Orders**: New orders in 1Q26 grew by **over 25%**. ## Business Highlights - **CRDMO Model**: WuXi AppTec's CRDMO model continues to drive growth by funneling projects from drug discovery to development. The company delivered **+420,000 new compounds** over the past 12 months and converted **83 projects from R to D**. - **TIDES Segment**: TIDES saw a **modest 6.1% YoY increase** in 1Q26 due to product delivery pacing, but management expects **~40% full-year growth** based on a strong backlog. - **Small Molecule D&M Growth**: Revenue from small molecule D&M surged by **80.1% YoY** in 1Q26, driven by **oral GLP-1 drugs**, becoming a **new growth engine**. - **Capacity Expansion**: The company is accelerating construction of the new **Changzhou site**, which will include both small molecule and TIDES capacity. Management targets **130,000 liters** of solid-phase synthesis reactor volume by end of 2026, up from **100,000 liters** in 2025. - **Strategic Cooperation**: A strategic agreement with the **Saudi government** is progressing, supporting long-term global capacity expansion. - **Capex Forecast**: 2026 capital expenditure is expected to be **RMB6.5-7.5 billion**, a **17.3-35.4% YoY increase**. ## Earnings and Forecasts - **Earnings Revision**: CMBIGM has revised its earnings forecasts upward, reflecting strong performance and growth momentum. - **2026E Revenue Growth**: - Continuing operations: **15.2% YoY** - Full-year: **15.8% YoY** - **2026E Adj. Net Profit Growth**: - Continuing operations: **26.2% YoY** - Full-year: **26.2% YoY** - **2027E and 2028E Forecasts**: - Revenue: **16.3% / 14.8% YoY** - Adj. Net Profit: **18.0% / 15.8% YoY** - **Adjusted EPS**: - 2026E: **RMB6.33** - 2027E: **RMB7.47** - 2028E: **RMB8.65** - **Consensus EPS**: - 2026E: **RMB5.71** - 2027E: **RMB6.76** - 2028E: **RMB7.89** ## Valuation and Target Price - **Target Price (TP)**: Raised from **RMB133.00 to RMB143.00**, based on **DCF valuation**. - **WACC**: **9.39%**, unchanged. - **Terminal Growth Rate**: **2.00%**, unchanged. - **Equity Value (DCF)**: **RMB426,689 million**. - **P/E (Adjusted)**: - 2026E: **17.5x** - 2027E: **14.8x** - 2028E: **12.8x** - **Price per Share**: **RMB143.00**. - **Current Price**: **RMB110.57**. - **Up/Downside**: **29.3%**. ## Shareholding and Market Data - **Market Cap**: **RMB329,914 million**. - **Avg 3 Mths Turnover (RMB mn)**: **3,526.0**. - **52-Week High/Low (RMB)**: **112.85 / 58.25**. - **Total Issued Shares (mn)**: **2,983.8**. - **Shareholding Structure**: - **HK Investors**: **22.9%** - **Ge Li and Concerted Parties**: **16.4%** ## Share Performance - **12-Month Price Performance**: - **Absolute**: **14.0%** - **Relative**: **9.4%** - **3-Month Price Performance**: - **Absolute**: **15.5%** - **Relative**: **17.6%** - **6-Month Price Performance**: - **Absolute**: **6.4%** - **Relative**: **4.0%** ## Analyst Recommendations - **Analyst Rating**: **BUY (Maintain)**. - **Reasoning**: Strong momentum in small molecule D&M business and revised forecasts justify the **target price increase**. - **DCF-Based TP**: **RMB143.00**, reflecting confidence in future growth and profitability. ## Profitability Metrics - **Gross Profit Margin**: - 2026E: **50.16%** - 2027E: **50.11%** - 2028E: **49.82%** - **Operating Margin**: - 2026E: **39.92%** - 2027E: **40.63%** - 2028E: **41.13%** - **Adj. Net Profit Margin**: - 2026E: **36.05%** - 2027E: **36.59%** - 2028E: **36.92%** - **ROE**: - 2026E: **22.4%** - 2027E: **22.4%** - 2028E: **22.0%** ## Liquidity and Financial Health - **Net Debt to Equity**: - 2026E: **0.4x** - 2027E: **0.4x** - 2028E: **0.5x** - **Current Ratio**: - 2026E: **3.5x** - 2027E: **3.8x** - 2028E: **4.2x** - **Working Capital**: - 2026E: **RMB-337 million** - 2027E: **RMB-1,843 million** - 2028E: **RMB-1,971 million** ## Valuation Ratios - **P/E (Adjusted)**: - 2026E: **17.5x** - 2027E: **14.8x** - 2028E: **12.8x** - **P/B**: - 2026E: **3.5** - 2027E: **3.0** - 2028E: **2.6** - **P/CFPS**: - 2026E: **16.1x** - 2027E: **14.5x** - 2028E: **12.5x** - **Dividend Yield**: - 2026E: **1.8%** - 2027E: **2.1%** - 2028E: **2.4%** ## Risk and Disclaimer - **Investment Risk**: There are risks involved in trading securities. Past performance does not guarantee future results. - **CMBIGM Disclaimer**: The report is for informational purposes only and does not constitute investment advice. CMBIGM is not liable for any losses arising from reliance on the information. - **Analyst Certification**: The analyst certifies that the views expressed are personal and not influenced by compensation. - **Conflict of Interest**: CMBIGM may have investment banking relationships with the companies mentioned, which could affect the objectivity of the report.