摘要

1招银国际维持药明康德（603259.SH）“买入”评级，目标价上调至133.00元。

2公司2025年营收增15.8%，经调整净利大增41.3%，超预期。

3在手订单强劲，TIDES业务加速增长。

4预计2026年营收513-530亿元，持续运营收入增18-22%。

5分析师看好全球生物融资复苏及CDMO需求，上调盈利预测，认为早期业务恢复势头良好，产能扩张支撑长期增长。

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WuXi AppTec (603259 CH)

Strong CDMO demand to fuel 2026 growth

WuXi AppTec reported impressive financial results for 2025, with revenue growing by 15.8% YoY (including 21.4% YoY growth for continuing operations) and adj. non-IFRS attributable net profit expanding at a remarkable 41.3% YoY. The Company's 2025 revenue and adj. net profit beat our estimates by 2.7% and 18.2% , respectively. Looking ahead, mgmt. projects 2026 revenue to reach RMB 51.3-53.0bn, along with 18-22% YoY revenue growth for continuing operations, while the adj. non-IFRS net profit margin is expected to remain stable.

Strong CDMO demand. As of 4Q25, the backlog for WuXi AppTec's continuing operations grew by 28.8% YoY (or 34% on a constant currency basis) to reach RMB58.0bn. Although this signifies a deceleration from +45.8% YoY growth recorded as of 3Q25, we note that such growth is highly commendable given the already massive absolute base of backlog, clearly indicating the consistently high demand from global customers, particularly for its CDMO services. As of 4Q25, backlog for TIDES increased by 20.2% YoY, accelerating from the +17.1% growth at the end of 3Q25. Mgmt. disclosed that the TIDES backlog has reached ~RMB20.0 bn. Based on this figure, we calculate that the backlog for other businesses booked YoY growth of 33.8% in 2025, and we believe the strong growth was primarily driven by the small molecule D&M business. Supported by the robust demand, mgmt. forecasts that the TIDES business will grow by 30-40% YoY (on a constant currency basis) in 2026, while the small molecule D&M business is also expected to experience accelerated growth.

Early-stage businesses recovering with improvement in revenue growth. Within the chemistry segment, full-year revenue for small molecule drug discovery services declined by 3.8% YoY (a marked improvement from the -28.7% YoY drop in 2024), with 2H25 seeing a narrowed decline of 2.2% YoY. Revenue from Testing segment grew by 4.7% YoY (vs -8.0% YoY in 2024), driven by 8.8% YoY growth in 2H25. Similarly, revenue from Biology segment increased by 5.2% YoY (vs -0.3% YoY in 2024). As the global biotech funding continues to recover, we believe the early-stage businesses are well-positioned to maintain this recovery momentum throughout 2026.

Doubling down on global capacity expansion. WuXi AppTec's capex in 2025 amounted to RMB5.54bn, representing a YoY surge of 38.5% (vs - 27.5% YoY decline in 2024). To support ongoing global capacity build-outs and to capture future market opportunities, mgmt. anticipated 2026 capex to reach RMB6.5-7.5 bn, implying a YoY increase of 17.3% to 35.4%. Notably, the Company plans to further expand its solid-phase peptide synthesis reactor volume to 130,000 liters, serving as a strong indicator of the surging manufacturing demand for peptide and oligonucleotide drugs.

Maintain BUY. We raise our DCF-based TP from RMB123.35 to RMB133.00 (WACC: 9.39% terminal growth: 2.00%; both unchanged), to factor into the updated guidance and our positive demand outlook. We now expect revenue to grow by 13.7%/ 15.7%/ 13.4% YoY (for continuing operations: 19.1%/ 15.7%/ 13.4% YoY) and adjusted non-IFRS net profit to grow by 19.9%/ 16.0%/ 13.6% YoY in 2026E/ 27E/ 28E, respectively.

Earnings Summary

(YE 31 Dec)

FY24A

FY25A

FY26E

FY27E

FY28E

Revenue (RMB mn)

39,241

45,456

51,695

59,809

67,824

YoY growth(%)

(2.7)

15.8

13.7

15.7

13.4

Adjusted net profit (RMB m)

10,583

14,957

17,930

20,808

23,639

YoY growth(%)

(2.5)

41.3

19.9

16.0

13.6

EPS(Adjusted)(RMB)

3.67

5.23

6.01

6.97

7.92

Consensus EPS(RMB)

5.63

6.61

7.44

P/E(Adjusted)(x)

25.5

17.9

15.6

13.4

11.8

Source: Company data, Bloomberg, CMBIGM estimates

BUY (Maintain)

Target Price RMB133.00

(Previous TP RMB123.35)

Up/Downside 42.0%

Current Price RMB93.68

China Healthcare

Jill WU, CFA

(852) 3900 0842

jillwu@cmbi.com.hk

Benchen HUANG, CFA huangbenchen@cmbi.com.hk

Stock Data

Mkt Cap (RMB mn)

279,518.4

Avg 3 mths t/o (RMB mn)

3,586.6

52w High/Low (RMB)

112.85/51.25

Total Issued Shares (mn)

2983.8

Source: FactSet

Shareholding Structure

HK investors

23.7%

Ge Li and concerted parties

16.4%

Source: Company report

Share Performance

Absolute

Relative

1-mth

-6.5%

-0.8%

3-mth

3.1%

5.2%

6-mth

-10.8%

-11.4%

Source: FactSet

12-mth Price Performance

![](page=0,bbox=[700, 568, 945, 655])

Source: FactSet

![](page=1,bbox=[807, 40, 951, 76])

Figure 1: Earnings revision

New

Old

Diff(%)

RMB mn

FY26E

FY27E

FY28E

FY26E

FY27E

FY28E

FY26E

FY27E

FY28E

Revenue

51,695

59,809

67,824

48,999

55,973

5.50%

6.85%

Gross profit

25,079

28,690

32,146

22,220

25,602

12.87%

12.06%

Operating profit

19,788

23,016

26,221

16,203

18,476

22.12%

24.57%

Non-IFRS net profit

17,930

20,808

23,639

13,950

15,805

28.53%

31.66%

Non-IFRS EPS (RMB)

6.01

6.97

7.92

4.68

5.30

28.53%

31.66%

Gross margin

48.51%

47.97%

47.40%

45.35%

45.74%

+3.17ppt

+2.23ppt

Operating margin

38.28%

38.48%

38.66%

33.07%

33.01%

+5.21ppt

+5.47ppt

Net margin

34.68%

34.79%

34.85%

28.47%

28.24%

+6.21ppt

+6.55ppt

Source: Company data, CMBIGM estimates

Figure 2: CMBIGM estimates vs consensus

CMBIGM

Consensus

Diff(%)

RMB mn

FY26E

FY27E

FY28E

FY26E

FY27E

FY28E

FY26E

FY27E

FY28E

Revenue

51,695

59,809

67,824

52,520

60,078

65,230

-1.57%

-0.45%

3.98%

Gross profit

25,079

28,690

32,146

24,832

28,430

31,556

1.00%

0.91%

1.87%

Operating profit

19,788

23,016

26,221

19,446

22,205

25,132

1.76%

3.65%

4.33%

Non-IFRS net profit

17,930

20,808

23,639

16,611

18,824

21,215

7.94%

10.54%

11.43%

Non-IFRS EPS (RMB)

6.01

6.97

7.92

5.63

6.61

7.44

6.83%

5.55%

6.52%

Gross margin

48.51%

47.97%

47.40%

47.28%

47.32%

48.38%

+1.23ppt

+0.65ppt

-0.98ppt

Operating margin

38.28%

38.48%

38.66%

37.03%

36.96%

38.53%

+1.25ppt

+1.52ppt

+0.13ppt

Net margin

34.68%

34.79%

34.85%

31.63%

31.33%

32.52%

+3.06ppt

+3.46ppt

+2.33ppt

Source: Bloomberg, CMBIGM estimates

![](page=2,bbox=[807, 40, 951, 73])

![](page=2,bbox=[807, 69, 951, 80])

Figure 3: Risk-adjusted DCF valuation

DCF Valuation(in Rmb mn)

2026E

2027E

2028E

2029E

2030E

2031E

2032E

2033E

2034E

2035E

EBIT

20,988

24,216

27,421

30,575

33,786

36,997

40,143

43,155

45,961

48,491

Tax rate

15.00%

Source: CMBIGM estimates

Figure 4: Sensitivity analysis of DCF model

WACC

8.39%

8.89%

9.39%

9.89%

10.39%

Terminal growth rate

3.00%

172.70

157.65

145.00

134.21

124.92

2.50%

163.01

149.81

138.56

128.88

120.45

2.00%

154.84

143.11

133.00

124.22

116.50

1.50%

147.85

137.31

128.15

120.11

113.01

1.00%

141.81

132.25

123.87

116.47

109.88

Source: CMBIGM estimates

![](page=3,bbox=[807, 40, 952, 79])

Financial Summary

INCOME STATEMENT

2023A

2024A

2025A

2026E

2027E

2028E

YE 31 Dec (RMB mn)

Revenue

40,341

39,241

45,456

51,695

59,809

67,824

Cost of goods sold

(23,729)

(22,965)

(23,801)

(26,615)

(31,119)

(35,677)

Gross profit

16,612

16,277

21,655

25,079

28,690

32,146

Operating expenses

(5,318)

(5,164)

(4,949)

(5,292)

(5,674)

(5,925)

Selling expense

(701)

(745)

(807)

(892)

(1,002)

(1,102)

Admin expense

(2,879)

(2,661)

(2,767)

(2,903)

(2,953)

R&D expense

(1,441)

(1,239)

(1,119)

(1,221)

(1,293)

(1,331)

Others

(297)

(301)

(361)

(411)

(476)

(539)

Operating profit

11,294

11,112

16,706

19,788

23,016

26,221

Gain/loss on financial assets at FVTPL

(38)

187

(137)

200

Investment gain/loss

234

604

8,588

600

Net Interest income/(expense)

338

787

(398)

863

908

901

Other income/expense

(1,150)

(853)

400

Pre-tax profit

11,832

11,540

23,906

21,850

25,124

28,322

Income tax

(2,132)

(1,972)

(4,573)

(3,278)

(3,769)

(4,248)

After tax profit

9,700

9,568

19,333

18,573

21,356

24,074

Minority interest

(94)

(117)

(182)

(175)

(202)

(227)

Net profit

9,607

9,450

19,151

18,398

21,154

23,846

Adjusted net profit

10,854

10,583

14,957

17,930

20,808

23,639

Gross dividends

2,882

2,835

6,755

5,519

6,346

7,154

BALANCE SHEET

2023A

2024A

2025A

2026E

2027E

2028E

YE 31 Dec (RMB mn)

Current assets

30,422

38,690

61,677

71,153

83,745

98,643

Cash & equivalents

13,764

18,322

35,131

44,120

53,982

66,152

Account receivables

7,922

8,044

7,281

8,715

10,082

11,433

Inventories

4,736

5,400

8,993

8,047

9,409

10,787

Prepayment

244

226

247

Financial assets at FVTPL

1,234

5,806

Other current assets

3,746

5,464

4,218

Non-current assets

43,247

41,636

41,444

46,235

50,584

54,548

PP&E

17,190

18,784

20,000

24,340

28,188

31,601

Deferred income tax

367

473

531

Investment in JVs & assos

2,216

2,326

2,145

Intangibles

1,864

1,575

1,281

1,148

1,016

883

Goodwill

1,821

972

864

Financial assets at FVTPL

8,626

8,943

8,131

8,931

9,731

10,531

Other non-current assets

11,164

8,562

8,492

8,275

8,109

7,992

Total assets

73,669

80,326

103,121

117,388

134,329

153,191

Current liabilities

14,756

16,226

19,235

20,448

22,380

24,323

Short-term borrowings

3,667

1,243

5,986

6,986

7,986

8,986

Account payables

1,645

1,764

2,450

2,663

3,594

4,537

Tax payable

1,374

1,211

2,763

Other current liabilities

8,070

12,008

8,037

Non-current liabilities

3,396

5,014

3,638

Long-term borrowings

687

2,960

1,819

Bond payables

Obligations under finance leases

1,099

547

455

Other non-current liabilities

1,610

1,508

1,364

Total liabilities

18,152

21,240

22,873

24,086

26,018

27,961

Share capital

2,969

2,888

2,984

Capital surplus

28,401

24,338

33,077

45,956

60,764

77,456

Other reserves

23,753

31,407

43,651

Total shareholders equity

55,122

58,633

79,712

92,591

107,399

124,091

Minority interest

395

453

535

711

912

1,140

Total equity and liabilities

73,669

80,326

103,121

117,388

134,329

153,191

![](page=4,bbox=[807, 39, 952, 77])

CASH FLOW

2023A

2024A

2025A

2026E

2027E

2028E

YE 31 Dec (RMB mn)

Operating

Profit before taxation

11,832

11,540

23,906

21,850

25,124

28,322

Depreciation & amortization

2,288

2,769

3,387

2,832

3,274

3,659

Tax paid

(2,132)

(1,972)

(4,573)

(3,278)

(3,769)

(4,248)

Change in working capital

(105)

(926)

(94)

(274)

(1,798)

(1,787)

Others

1,504

996

(5,423)

(1,486)

(1,531)

(1,524)

Net cash from operations

13,387

12,407

17,203

19,645

21,300

24,422

Investing

Capital expenditure

(5,517)

(4,003)

(5,538)

(7,000)

Acquisition of subsidiaries/ investments

(22)

Net proceeds from disposal of short-term investments

(2,321)

(2,013)

132

Others

299

498

3,461

Net cash from investing

(7,561)

(5,518)

(1,945)

(7,000)

Financing

Dividend paid

(2,756)

(3,085)

(4,992)

(4,656)

(5,438)

(6,253)

Net borrowings

178

3,320

3,563

1,000

Proceeds from share issues

247

196

7,046

Others

(1,610)

(4,264)

(4,493)

Net cash from financing

(3,941)

(3,832)

1,124

(3,656)

(4,438)

(5,253)

Net change in cash

Cash at the beginning of the year

7,984

10,001

13,445

35,131

44,120

53,982

Exchange difference

132

388

(370)

Cash at the end of the year

10,001

13,445

29,456

44,120

53,982

66,152

GROWTH

2023A

2024A

2025A

2026E

2027E

2028E

YE 31 Dec

Revenue

2.5%

(2.7%)

15.8%

13.7%

15.7%

13.4%

Gross profit

13.2%

(2.0%)

33.0%

15.8%

14.4%

12.0%

Operating profit

21.4%

(1.6%)

50.3%

18.4%

16.3%

13.9%

Net profit

9.0%

(1.6%)

102.6%

(3.9%)

15.0%

12.7%

Adj. net profit

15.5%

(2.5%)

41.3%

19.9%

16.0%

13.6%

PROFITABILITY

2023A

2024A

2025A

2026E

2027E

2028E

YE 31 Dec

Gross profit margin

41.2%

41.5%

47.6%

48.5%

48.0%

47.4%

Operating margin

28.0%

28.3%

36.8%

38.3%

38.5%

38.7%

Adj. net profit margin

26.9%

27.0%

32.9%

34.7%

34.8%

34.9%

Return on equity (ROE)

18.9%

16.6%

27.7%

21.4%

21.2%

20.6%

GEARING/LIQUIDITY/ACTIVITIES

2023A

2024A

2025A

2026E

2027E

2028E

YE 31 Dec

Net debt to equity (x)

(0.2)

(0.3)

(0.4)

Current ratio (x)

2.1

2.4

3.2

3.5

3.7

4.1

Receivable turnover days

63.2

74.3

61.5

Inventory turnover days

80.0

80.6

110.4

Payable turnover days

75.6

74.6

75.5

VALUATION

2023A

2024A

2025A

2026E

2027E

2028E

YE 31 Dec

P/E

28.6

14.0

15.2

13.2

11.7

P/E (diluted)

28.8

28.7

14.3

15.2

13.2

11.7

P/B

5.0

4.6

3.3

3.0

2.6

2.2

P/CFPS

20.5

21.8

15.6

14.2

13.1

11.4

Div yield (%)

1.0

2.5

2.0

2.3

2.6

Source: Company data, CMBIGM estimates. Note: The calculation of net cash includes financial assets.

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Disclosures & Disclaimers

Analyst Certification

The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report. Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) will deal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of the Hong Kong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report.

CMBIGM Ratings

BUY : Stock with potential return of over 15% over next 12 months

HOLD : Stock with potential return of +15% to -10% over next 12 months

SELL : Stock with potential loss of over 10% over next 12 months

NOT RATED : Stock is not rated by CMBIGM

OUTPERFORM : Industry expected to outperform the relevant broad market benchmark over next 12 months

MARKET-PERFORM : Industry expected to perform in-line with the relevant broad market benchmark over next 12 months

UNDERPERFORM : Industry expected to underperform the relevant broad market benchmark over next 12 months

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Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800

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