药明康德（Wuxi Apptec）2026年上半年强劲增长及盈利扩张研究

4 August 2026 RatingBuy China 2359.HK Pharmaceuticals/Biotechnology 1H26 review: robust growth and marginexpansion support ambitious targets;Reiterate BUY Research Analyst+852-2203-6208 ReiterateBUY; RaisePTtoHKs2o7.4.Followingrobustrevenueandnetprofitgrowth in 1H26 and management's upward revision of FY26 guidance, we havemargin expansion, our net profit forecasts are also revised upward by 17%/18%. Key changesPrice target (HKD) The company remains our top pick in the China CRO/CDMO space. Its leadingposition in late-stage and commercial projects, coupled with robust backloggrowth, provides strong earnings visibility and growth certainty. The stock iscurrently trading at an undemanding FY26E/FY27E PE of 21x/18x, which sitsbelow its five-year historical average despite the broader industry recovery. We raiseourPTtoHKs207.4 (from HK$167.4),derivedfrom ourDCFmodel(WACC:8.3%, terminal growth rate: 2.5%).This adjustment is driven entirely byour earnings revisions. Our new PT implies a target FY26E/FY27EPE of 24x/20x. Risks include geographical tensions which may bring adverse changes to theoperating environment,intensifying market competition,increasing operatingcosts, government-initiated drug price control policy, foreign exchange ratedifference. 1H26 results recap - strong revenue growth and margin improvement. WuxiApptecreported total revenueof Rmb28,897mn(up38.9%YoY),with revenuefromcontinuingbusinessesgrowing48%YoY.Thetotal revenueaccountedforaround 55-56% of the initial full-year guidance. Gross margin rose 9.4ppt to 53.2%, mainly due to late-stage project progression,expensesratio,andR&Dexpensesratiodropped0.5,0.5and0.4pptrespectivelyAs a result, operating margin grew 10.5ppt to 44.8%,and adjusted non-IFRS netmargin grew 9.7ppt to 40%. Strong momentum in Wuxi Chemistry due to pipeline progression, capacityramp-up, and strong TIDEs business. Wuxi Chemistry grew strongly by 53.3%YoY (vs. +43.7% YoY in 1Q26), with D&M business growing 72.7% YoY.Managementattributed theperformance to steady pipeline progression to latestages,capacityramp-up,andtheuniquenessofthecompany'sbusinessmodel. WuxiApptec moleculesgrowing39%YoYand 68%YoY,respectively.Managementexpects themomentum in WuxiChemistryto continue inthesecondhalf,and theyexpect theTIDESbusinesstogrow~45%YoYin2026 YoY, with revenue from drug safety evaluation services up 42.8% YoY.WuxiBiology grew 11.2% YoY. Management noted that demand for early-stage studiescontinues to improve, especially in new modality, and they believe themomentum will continue. (vs.23.6% YoY in 1Q26).Management noted that the growth would have reached30% YoY when excluding the impact of foreign exchange. Thecompanyexpects2026CAPEXtoreachRmb7.5-8.5bn (upfromthepreviouscapacityand initiatethenew Changzhou siteahead of schedule. Raised 2026 revenue guidance. Given the strong 1H26 performance,managementraised the2026total revenuetarget toRmb58.5-60.5bn,upfromthe prior target of Rmb51.3-53.0bn. Revenue from continuing businesses isexpected to grow 35-39% YoY, up from 18-22% YoY. Appendix 1 exchanges via Reuters, Bloomberg and othervendors.Other information is sourced from Deutsche Bank, subjectcompanies,andothersources. 2 - Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issued by this company. 14 - Deutsche Bank and/or its affiliate(s) has received compensation from this company within the past year for noninvestment banking related services. 15 - This company has been a client of Deutsche Bank Securities Inc. within the past year during which time it receivedinvestmentbanking services. Important Disclosures Required by Non-U.S. Regulators issued by this company. 24-DeutscheBank and/or itsaffiliate(s)is or has been over the previous 12 months partytoanagreement with thecompany relatingtotheprovisionof services set out inSectionsAandBof AnnexIof Directive2014/65/EU,or hasovertheprevious 12months beenobliged or entitled (as applicable)topay orreceive compensationrelatingtotheprovisionofservicessetout inSectionsAandBofAnnexIofDirective2014/65/EU. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on ourwebsite at https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report,important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/DisclaimerInvestorsarestronglyencouragedtoreviewthis informationbeforeinvesting AnalystCertification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s).In addition,theundersignedlead analyst(s)has notandwill not receiveany compensationforprovidingaspecificrecommendationorviewinthisreport.CyrusNg,CFA. Wuxi Apptec Wuxi Apptec DBSI Companies under Coverage