20260325-招银国际-药明康德-603259.SH-Strong_CDMO_demand_to_fuel_2026_growth_6页_744kb

报告摘要

Revenue Growth: WuXi AppTec reported a $15.8%$ YoY increase in revenue for 2025, with continuing operations showing a stronger $21.4%$ YoY growth.
Net Profit Growth: Adjusted non-IFRS attributable net profit rose by $41.3%$ YoY, surpassing the expectations by $18.2%$.
Backlog Growth: As of 4Q25, the backlog for continuing operations grew by $28.8%$ YoY (or $34%$ on a constant currency basis) to reach RMB58.0bn, highlighting strong demand, especially for CDMO services.
TIDES Growth: TIDES backlog increased by $20.2%$ YoY, reaching $\sim$ RMB20.0bn, with expectations of $30 - 40%$ YoY growth in 2026.
Small Molecule D&M Business: This segment contributed significantly to the backlog growth in 2025, with YoY growth of $33.8%$.

Chemistry Segment: Full-year revenue declined by $3.8%$ YoY, a marked improvement from the $-28.7%$ YoY drop in 2024. In 2H25, the decline narrowed to $2.2%$ YoY.
Testing Segment: Revenue grew by $4.7%$ YoY, up from $-8.0%$ YoY in 2024, with 2H25 showing an $8.8%$ YoY increase.
Biology Segment: Revenue increased by $5.2%$ YoY, compared to $-0.3%$ YoY in 2024, reflecting a recovery in global biotech funding.

Capex Growth: WuXi AppTec's 2025 capex reached RMB5.54bn, a $38.5%$ YoY increase, indicating a strategic push for global capacity expansion.
2026 Capex Forecast: The Company anticipates capex to range from RMB6.5bn to RMB7.5bn, representing a $17.3%$ to $35.4%$ YoY increase.
Peptide and Oligonucleotide Capacity: The Company plans to expand its solid-phase peptide synthesis reactor to 130,000 liters, signaling strong demand for these drug types.

Buy Recommendation: The analyst maintains a "BUY" rating, raising the target price from RMB123.35 to RMB133.00, indicating a potential upside of 42.0%.
DCF Valuation: The DCF-based valuation for 2026E is RMB133.00 per share, with a WACC of 9.39% and terminal growth rate of 2.00%.
Revenue and Profit Forecasts for 2026E-2028E:
- Revenue growth: $13.7% / 15.7% / 13.4%$ YoY
- Adjusted non-IFRS net profit growth: $19.9% / 16.0% / 13.6%$ YoY

Metric	FY24A	FY25A	FY26E	FY27E	FY28E
Revenue (RMB mn)	39,241	45,456	51,695	59,809	67,824
Adjusted Net Profit (RMB m)	10,583	14,957	17,930	20,808	23,639
Adjusted EPS (RMB)	5.23	6.01	6.97	7.92	-
P/E (Adjusted) (x)	17.9	15.6	13.4	11.8	-
Gross Margin (%)	45.35%	47.6%	48.5%	47.4%	-
Operating Margin (%)	33.07%	36.8%	38.3%	38.7%	-
Net Margin (%)	28.24%	32.9%	34.7%	34.9%	-

Market Cap: RMB279,518.4 million
Average 3 Months Turnover (RMB mn): RMB3,586.6 million
52-Week High/Low (RMB): 112.85 / 51.25
Total Issued Shares (mn): 2,983.8 million
Shareholding Structure:
- HK investors: 23.7%
- Ge Li and concerted parties: 16.4%

The analyst certifies that the views expressed accurately reflect their personal views.
No compensation was directly or indirectly related to the specific views expressed in the report.
The analyst has not traded in the stock covered in the report within 30 days prior to the report's release and will not trade within 3 business days after release.

BUY: Stock with potential return of over 15% over the next 12 months.
HOLD: Stock with potential return of +15% to -10% over the next 12 months.
SELL: Stock with potential loss of over 10% over the next 12 months.
NOT RATED: Stock not rated by CMBIGM.
OUTPERFORM: Industry expected to outperform the relevant broad market benchmark.
MARKET-PERFORM: Industry expected to perform in-line with the relevant broad market benchmark.
UNDERPERFORM: Industry expected to underperform the relevant broad market benchmark.

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