> **来源：[研报客](https://pc.yanbaoke.cn)** # WuXi AppTec (603259 CH) Summary ## Core Content and Key Highlights WuXi AppTec (603259 CH) reported exceptional performance in 1H26, with strong revenue and adjusted net profit growth despite FX headwinds. The company's full-year guidance was substantially raised, reflecting increased confidence in its growth prospects. ### 1H26 Performance - **Total Revenue**: RMB28.9bn, up 38.9% YoY - **Continuing Operations Revenue**: RMB24.5bn, up 48.0% YoY - **Adjusted Net Profit**: RMB11.6bn, up 83.2% YoY - **Adjusted Net Margin**: Reached a record 40.0% ### Backlog and Demand - **Backlog for Continuing Operations**: RMB66.4bn as of 30 June 2026 - **Backlog/New Bookings Growth**: ~30% and >40% YoY on a constant exchange basis ### Segment Performance - **Chemistry Segment**: - **Small Molecule D&M Revenue**: +72.7% YoY (2Q: +66.9%) - **TIDES Revenue**: +44.3% YoY in 1H26, with 74.9% YoY growth in 2Q26 - **TIDES Growth Guidance**: Lifted to ~45% YoY for full year 2026 - **Testing Revenue**: +31.5% YoY (2Q: +35.1%) - **Safety Assessment Services**: +42.8% YoY - **Biology Revenue**: +11.2% YoY (2Q: +12.3%) - **Early-Stage R&D Recovery**: Global demand improved, especially in new modalities - **AI-Driven Drug Discovery**: Seen as a positive factor for early-stage business ## Full-Year Guidance and Growth Expectations - **2026 Revenue**: RMB58.5–60.5bn (Previously: RMB51.3–53.0bn) - **Continuing Operations Revenue Growth**: 35–39% YoY (Previously: 18–22% YoY) - **Adjusted Net Profit Margin**: Expected to remain stable ## Financial Forecasts and Valuation | Year | Revenue (RMB mn) | YoY Growth (%) | Adjusted Net Profit (RMB mn) | YoY Growth (%) | |------|------------------|----------------|------------------------------|----------------| | 2026E| 59,709 | 31.4 | 23,788 | 59.1 | | 2027E| 70,608 | 18.3 | 27,335 | 14.9 | | 2028E| 81,295 | 15.1 | 31,058 | 13.6 | - **Adjusted Net Profit Growth**: 59.1% in 2026E, 14.9% in 2027E, 13.6% in 2028E - **EPS (Adjusted)**: - 2026E: RMB8.16 - 2027E: RMB9.16 - 2028E: RMB10.41 - **Consensus EPS**: - 2026E: RMB6.59 - 2027E: RMB7.61 - 2028E: RMB8.90 ## Valuation Metrics | Metric | 2026E | 2027E | 2028E | |--------|------|------|------| | P/E (Adjusted) | 15.8 | 14.0 | 12.3 | - **Target Price (TP)**: RMB170.00 (Previously: RMB143.00) - **Upside/Downside**: 32.3% from current price (RMB128.50) ## Capacity and Expansion - **TIDES Capacity**: Targeted to reach 130k L by end-2026, with new workshops in Taixing (online 2027) and Singapore (online 2028) - **Small Molecule Capacity**: Targeted at 5mn L by end-2026 - **Capex Increase**: RMB7.5–8.5bn in 2026, reflecting accelerated overseas construction and early Changzhou start ## Margin Trends | Metric | 2026E | 2027E | 2028E | Diff (%) | |--------|------|------|------|----------| | Gross Margin | 54.71% | 51.15% | 50.40% | +4.55ppt | | Operating Margin | 45.70% | 42.94% | 42.49% | +5.78ppt | | Net Margin | 39.84% | 38.71% | 38.20% | +3.79ppt | ## DCF Valuation Summary | Year | FCFF (RMB mn) | Equity Value (RMB mn) | Price per Share (RMB) | |------|---------------|------------------------|------------------------| | 2026E| 15,572 | 507,236 | 170.00 | | 2027E| 17,867 | 507,236 | 170.00 | | 2028E| 22,179 | 507,236 | 170.00 | - **Terminal Value**: RMB711,329mn - **Terminal Growth Rate**: 2.00% - **WACC**: 9.39% ## Risk-Adjusted DCF Sensitivity Analysis | Terminal Growth Rate | 2026E (RMB mn) | 2027E (RMB mn) | 2028E (RMB mn) | |----------------------|----------------|----------------|----------------| | 3.00% | 223.88 | 199.56 | 181.82 | | 2.50% | 203.47 | 183.67 | 168.89 | | 2.00% | 186.33 | 170.00 | 157.57 | | 1.50% | 171.73 | 158.11 | 147.69 | | 1.00% | 159.15 | 147.69 | 138.68 | ## Analyst Recommendation - **Rating**: BUY - **Reason**: Strong momentum in small molecule D&M and TIDES, recovery in early-stage business, and raised earnings forecasts ## Shareholding and Performance - **Shareholding Structure**: - **HK Investors**: 25.9% - **Ge Li and concerted parties**: 16.4% - **Share Performance**: - **1-Month**: +3.5% - **3-Month**: +17.3% - **6-Month**: +35.8% ## Stock Data - **Market Cap (RMB mn)**: 383,412.8 - **Avg 3 Mths t/o (RMB mn)**: 6,479.7 - **52-Week High/Low (RMB)**: 131.50 / 87.62 - **Total Issued Shares (mn)**: 2983.8 ## Disclosures and Ratings - **CMBIGM Ratings**: - **BUY**: Potential return of over 15% over next 12 months - **HOLD**: Potential return of +15% to -10% over next 12 months - **SELL**: Potential loss of over 10% over next 12 months - **Analyst Certification**: - The analyst certifies that all views reflect personal opinions and no compensation is tied to the report - No trading or conflicts of interest within 30 days prior to report release - **Important Disclosures**: - Information is for general use, not tailored advice - Past performance does not guarantee future results - CMBIGM is not liable for any reliance on the report - The report is for intended recipients only and cannot be reproduced or distributed without consent ## Legal and Distribution Notes - **United Kingdom**: Report is only for persons within Article 19(5) of the Financial Services and Markets Act 2000 or High Net Worth Companies, etc. - **United States**: Not a registered broker-dealer; only for "major US institutional investors" - **Singapore**: Distributed by CMBISG, an Exempt Financial Adviser regulated by MAS ## Conclusion WuXi AppTec is experiencing strong growth in 1H26, with improved demand visibility and a significant increase in full-year revenue guidance. The company is leveraging capacity efficiency and expanding its global footprint, which supports its growth trajectory and margin resilience. With raised earnings forecasts and a DCF-based target price of RMB170.00, the stock is currently rated as a **BUY**, reflecting the analyst's confidence in its future performance.