1药明康德1Q26业绩超预期，营收同比增28.8%至124亿元，调整后净利大增71.7%至46亿元。
2小分子D&M业务受GLP-1药物驱动激增80.1%，成为新增长引擎。
3在手订单598亿元，新签订单增超25%。
4维持全年指引并计划上调。
5招银国际维持“买入”评级，基于DCF模型将目标价从133元上调至143元，预计2026-28年营收CAGR约15%，净利润持续增长。
招银国际_1Q26 results: small molecule D&M fuelling overall growth_20260429.pdf
摘要
文本
WuXi AppTec released better-than-expected 1Q26 financial results. Revenue grew by 28.8% YoY to RMB12.4bn with continuing operations revenue increasing by 39.4% YoY, while adj. non-IFRS attributable net profit surged 71.7% YoY to RMB4.6bn. 1Q26 revenue/ adj. net profit represent 24.1%/ 25.6% of our full-year forecasts, respectively, significantly higher than the historical average of 18-20%. As of 1Q26, backlog for continuing operations grew by 23.6% YoY (+29% YoY if excl. FX fluctuations) to RMB59.8bn, with new orders signed in 1Q26 growing by over 25%. Mgmt. maintained full-year guidance, projecting 2026 revenue to reach RMB51.3-53.0bn, with revenue from continuing operations to grow by 18-22% YoY. Adj. net profit margin is expected to remain stable. Mgmt. indicated plans to raise the guidance in due course based on future business developments.
CRDMO model to capture global blockbuster opportunities. Within this model, drug discovery and development services continuously funnel projects to downstream. The Company delivered +420,000 new compounds over the past 12 months, converted 83 projects from R to D, and added nine new PhIII and commercial projects in 1Q26. This funnel model, which covers a wide range of therapeutic areas and a large customer base globally, allows the Company to identify industry trends and build capacity in advance. As a result, this approach has enabled WuXi AppTec to capitalize on commercial opportunities for multiple global blockbuster products, including oral COVID- 19 drugs and peptides/ small-molecule GLP-1 drugs. Benefiting from oral GLP-1 drugs, revenue from small molecule D&M surged by 80.1% YoY in 1Q26, creating a new growth engine for the Company. As a natural extension of CRDMO model, TIDES saw 1Q26 revenue growth impacted by the pacing of product deliveries, resulting in a modest 6.1% YoY increase. However, based on a robust backlog, mgmt. expects full-year revenue for this segment to grow by ~40%, reflecting mgmt's confidence in the TIDES business.
WuXi AppTec (603259 CH)
Continued capacity expansion. Driven by growing global demand, WuXi AppTec plans to bring the construction of new Changzhou site ahead of schedule, which will house both small molecule and TIDES capacity. Mgmt. targets the total solid-phase synthesis reactor volume to reach 130k liters by the end of 2026, up from 100k liters at the end of 2025. Despite the uncertainties from the Middle East, the strategic cooperation agreement signed with the Saudi government last Oct is proceeding as planned, a key component of the Company's long-term strategy to build global capabilities and capacity. Mgmt. forecasts 2026 capex to be RMB6.5-7.5bn, representing a YoY increase of 17.3-35.4%. We believe that WuXi AppTec's mature global CRDMO network and ongoing expansions will further reinforce its leading position in the global pharmaceutical outsourcing industry.
1Q26 results: small molecule D&M fuelling overall growth
Maintain BUY. To factor into the strong momentum of small molecule D&M business, we lift our earnings forecasts, expecting revenue to grow by 15.2%/ 16.3%/ 14.8% YoY (for continuing operations: 20.6%/ 16.3%/ 14.8% YoY) and adj. net profit to grow by 26.2%/ 18.0%/ 15.8% YoY in 2026E/ 27E/ 28E, respectively. Hence, we raise our DCF-based TP from RMB133.00 to RMB143.00 (WACC: 9.39% terminal growth: 2.00%; both unchanged).
Earnings Summary
(YE 31 Dec)
FY24A
FY25A
FY26E
FY27E
FY28E
Revenue (RMB mn)
39,241
45,456
52,361
60,875
69,896
YoY growth(%)
(2.7)
15.8
15.2
16.3
14.8
Adjusted net profit (RMB m)
10,583
14,957
18,877
22,276
25,806
YoY growth(%)
(2.5)
41.3
26.2
18.0
15.8
EPS(Adjusted)(RMB)
3.67
5.23
6.33
7.47
8.65
Consensus EPS(RMB)
na
na
5.71
6.76
7.89
P/E(Adjusted)(x)
30.1
21.1
17.5
14.8
12.8
Source: Company data, Bloomberg, CMBIGM estimates
BUY (Maintain)
Target Price RMB143.00
(Previous TP RMB133.00)
Up/Downside 29.3%
Current Price RMB110.57
China Healthcare
Jill WU, CFA
(852) 39000842
jillwu@cmbi.com.hk
Benchen HUANG, CFA huangbenchen@cmbi.com.hk
Stock Data
Mkt Cap (RMB mn)
329,914.0
Avg 3 mths t/o (RMB mn)
3,526.0
52w High/Low (RMB)
112.85/58.25
Total Issued Shares (mn)
2983.8
Source: FactSet
Shareholding Structure
HK investors
22.9%
Ge Li and concerted parties
16.4%
Source: Company report
Share Performance
Absolute
Relative
1-mth
14.0%
9.4%
3-mth
15.5%
17.6%
6-mth
6.4%
4.0%
Source: FactSet
12-mth Price Performance
Source: FactSet
Figure 1: Earnings revision
New
Old
Diff(%)
RMB mn
FY26E
FY27E
FY28E
FY26E
FY27E
FY28E
FY26E
FY27E
FY28E
Revenue
52,361
60,875
69,896
51,695
59,809
67,824
1.29%
1.78%
3.06%
Gross profit
26,263
30,507
34,819
25,079
28,690
32,146
4.72%
6.33%
8.32%
Operating profit
20,903
24,732
28,748
19,788
23,016
26,221
5.64%
7.46%
9.64%
Non-IFRS net profit
18,877
22,276
25,806
17,930
20,808
23,639
5.28%
7.06%
9.16%
Non-IFRS EPS (RMB)
6.33
7.47
8.65
6.01
6.97
7.92
5.28%
7.06%
9.16%
Gross margin
50.16%
50.11%
49.82%
48.51%
47.97%
47.40%
+1.64ppt
+2.14ppt
+2.42ppt
Operating margin
39.92%
40.63%
41.13%
38.28%
38.48%
38.66%
+1.64ppt
+2.14ppt
+2.47ppt
Net margin
36.05%
36.59%
36.92%
34.68%
34.79%
34.85%
+1.37ppt
+1.80ppt
+2.07ppt
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
52,361
60,875
69,896
52,187
60,400
68,754
0.33%
0.79%
1.66%
Gross profit
26,263
30,507
34,819
25,105
29,272
33,684
4.61%
4.22%
3.37%
Operating profit
20,903
24,732
28,748
19,964
23,345
27,292
4.70%
5.94%
5.34%
Non-IFRS net profit
18,877
22,276
25,806
16,836
19,648
22,983
12.12%
13.38%
12.28%
Non-IFRS EPS (RMB)
6.33
7.47
8.65
5.71
6.76
7.89
10.88%
10.52%
9.67%
Gross margin
50.16%
50.11%
49.82%
48.11%
48.46%
48.99%
+2.05ppt
+1.65ppt
+0.82ppt
Operating margin
39.92%
40.63%
41.13%
38.25%
38.65%
39.70%
+1.67ppt
+1.98ppt
+1.43ppt
Net margin
36.05%
36.59%
36.92%
32.26%
32.53%
33.43%
+3.79ppt
+4.06ppt
+3.49ppt
Source: Bloomberg, CMBIGM estimates
Figure 3: Risk-adjusted DCF valuation
DCF Valuation(in Rmb mn)
2026E
2027E
2028E
2029E
2030E
2031E
2032E
2033E
2034E
2035E
EBIT
22,103
25,932
29,948
33,382
36,876
40,367
43,785
47,055
50,098
52,837
Tax rate
15.00%
Source: CMBIGM estimates
Figure 4: Sensitivity analysis of DCF model (RMB)
WACC
8.39%
8.89%
9.39%
9.89%
10.39%
Terminal growth rate
3.00%
185.75
169.54
155.91
144.29
134.28
2.50%
175.32
161.10
148.99
138.55
129.46
2.00%
166.53
153.89
143.00
133.53
125.22
1.50%
159.01
147.65
137.78
129.12
121.46
1.00%
152.51
142.21
133.18
125.20
118.10
Source: CMBIGM estimates
Financial Summary
INCOME STATEMENT
2023A
2024A
2025A
2026E
2027E
2028E
YE 31 Dec (RMB mn)
Revenue
40,341
39,241
45,456
52,361
60,875
69,896
Cost of goods sold
(23,729)
(22,965)
(23,801)
(26,098)
(30,368)
(35,077)
Gross profit
16,612
16,277
21,655
26,263
30,507
34,819
Operating expenses
(5,318)
(5,164)
(4,949)
(5,360)
(5,775)
(6,071)
Selling expense
(701)
(745)
(807)
(903)
(1,020)
(1,136)
Admin expense
(2,879)
(2,879)
(2,661)
(2,803)
(2,954)
(3,043)
R&D expense
(1,441)
(1,239)
(1,119)
(1,237)
(1,317)
(1,372)
Others
(297)
(301)
(361)
(416)
(484)
(521)
Operating profit
11,294
11,112
16,706
20,903
24,732
28,748
Gain/loss on financial assets at FVTPL
(38)
187
(137)
200
200
200
Investment gain/loss
234
604
8,588
600
600
600
Net Interest income/(expense)
338
787
(398)
872
936
947
Other income/expense
4
(1,150)
(853)
400
400
400
Pre-tax profit
11,832
11,540
23,906
22,975
26,868
30,895
Income tax
(2,132)
(1,972)
(4,573)
(3,446)
(4,030)
(4,634)
After tax profit
9,700
9,568
19,333
19,529
22,838
26,261
Minority interest
(94)
(117)
(182)
(184)
(216)
(248)
Net profit
9,607
9,450
19,151
19,344
22,622
26,013
Adjusted net profit
10,854
10,583
14,957
18,877
22,276
25,806
Gross dividends
2,882
2,835
6,755
5,803
6,787
7,804
BALANCE SHEET
2023A
2024A
2025A
2026E
2027E
2028E
YE 31 Dec (RMB mn)
Current assets
30,422
38,690
61,677
71,718
85,303
101,770
Cash & equivalents
13,764
18,322
35,131
44,729
55,588
69,110
Account receivables
7,922
8,044
7,281
8,827
10,262
11,783
Inventories
4,736
5,400
8,993
7,891
9,182
10,606
Prepayment
244
226
247
247
247
247
Financial assets at FVTPL
11
1,234
5,806
5,806
5,806
5,806
Other current assets
3,746
5,464
4,218
4,218
4,218
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
531
531
531
Investment in JVs & assos
2,216
2,326
2,145
2,145
2,145
2,145
Intangibles
1,864
1,575
1,281
1,148
1,016
883
Goodwill
1,821
972
864
864
864
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
117,953
135,887
156,318
Current liabilities
14,756
16,226
19,235
20,342
22,225
24,198
Short-term borrowings
3,667
1,243
5,986
6,986
7,986
8,986
Account payables
1,645
1,764
2,450
2,556
3,439
4,413
Tax payable
1,374
1,211
2,763
2,763
2,763
2,763
Other current liabilities
8,070
12,008
8,037
8,037
8,037
8,037
Non-current liabilities
3,396
5,014
3,638
3,638
3,638
3,638
Long-term borrowings
687
2,960
1,819
1,819
1,819
1,819
Bond payables
0
0
0
0
0
0
Obligations under finance leases
1,099
547
455
455
455
455
Other non-current liabilities
1,610
1,508
1,364
1,364
1,364
1,364
Total liabilities
18,152
21,240
22,873
23,980
25,863
27,836
Share capital
2,969
2,888
2,984
2,984
2,984
2,984
Capital surplus
28,401
24,338
33,077
46,618
62,454
80,663
Other reserves
23,753
31,407
43,651
43,651
43,651
43,651
Total shareholders equity
55,122
58,633
79,712
93,253
109,089
127,298
Minority interest
395
453
535
720
935
1,183
Total equity and liabilities
73,669
80,326
103,121
117,953
135,887
156,318
CASH FLOW
2023A
2024A
2025A
2026E
2027E
2028E
YE 31 Dec (RMB mn)
Operating
Profit before taxation
11,832
11,540
23,906
22,975
26,868
30,895
Depreciation & amortization
2,288
2,769
3,387
2,832
3,274
3,659
Tax paid
(2,132)
(1,972)
(4,573)
(3,446)
(4,030)
(4,634)
Change in working capital
(105)
(926)
(94)
(337)
(1,843)
(1,971)
Others
1,504
996
(5,423)
(1,495)
(1,559)
(1,570)
Net cash from operations
13,387
12,407
17,203
20,529
22,710
26,379
Investing
Capital expenditure
(5,517)
(4,003)
(5,538)
(7,000)
(7,000)
(7,000)
Acquisition of subsidiaries/ investments
(22)
0
0
0
0
0
Net proceeds from disposal of short-term investments
(2,321)
(2,013)
132
0
0
0
Others
299
498
3,461
0
0
0
Net cash from investing
(7,561)
(5,518)
(1,945)
(7,000)
(7,000)
(7,000)
Financing
Dividend paid
(2,756)
(3,085)
(4,992)
(4,931)
(5,851)
(6,857)
Net borrowings
178
3,320
3,563
1,000
1,000
1,000
Proceeds from share issues
247
196
7,046
0
0
0
Others
(1,610)
(4,264)
(4,493)
0
0
0
Net cash from financing
(3,941)
(3,832)
1,124
(3,931)
(4,851)
(5,857)
Net change in cash
Cash at the beginning of the year
7,984
10,001
13,445
35,131
44,729
55,588
Exchange difference
132
388
(370)
0
0
0
Cash at the end of the year
10,001
13,445
29,456
44,729
55,588
69,110
GROWTH
2023A
2024A
2025A
2026E
2027E
2028E
YE 31 Dec
Revenue
2.5%
(2.7%)
15.8%
15.2%
16.3%
14.8%
Gross profit
13.2%
(2.0%)
33.0%
21.3%
16.2%
14.1%
Operating profit
21.4%
(1.6%)
50.3%
25.1%
18.3%
16.2%
Net profit
9.0%
(1.6%)
102.6%
1.0%
16.9%
15.0%
Adj. net profit
15.5%
(2.5%)
41.3%
26.2%
18.0%
15.8%
PROFITABILITY
2023A
2024A
2025A
2026E
2027E
2028E
YE 31 Dec
Gross profit margin
41.2%
41.5%
47.6%
50.2%
50.1%
49.8%
Operating margin
28.0%
28.3%
36.8%
39.9%
40.6%
41.1%
Adj. net profit margin
26.9%
27.0%
32.9%
36.1%
36.6%
36.9%
Return on equity (ROE)
18.9%
16.6%
27.7%
22.4%
22.4%
22.0%
GEARING/LIQUIDITY/ACTIVITIES
2023A
2024A
2025A
2026E
2027E
2028E
YE 31 Dec
Net debt to equity (x)
(0.2)
(0.2)
(0.3)
(0.4)
(0.4)
(0.5)
Current ratio (x)
2.1
2.4
3.2
3.5
3.8
4.2
Receivable turnover days
63.2
74.3
61.5
61.5
61.5
61.5
Inventory turnover days
80.0
80.6
110.4
110.4
110.4
110.4
Payable turnover days
75.6
74.6
75.5
75.5
75.5
75.5
VALUATION
2023A
2024A
2025A
2026E
2027E
2028E
YE 31 Dec
P/E (adjusted)
29.9
30.1
21.1
17.5
14.8
12.8
P/B
5.8
5.4
3.9
3.5
3.0
2.6
P/CFPS
24.2
25.7
18.4
16.1
14.5
12.5
Div yield (%)
0.9
0.9
2.1
1.8
2.1
2.4
Source: Company data, CMBIGM estimates. Note: The calculation of net cash includes financial assets.
Disclosures & Disclaimers
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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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