加入VIP免费下载招银国际-药明康德-603259-Strong recovery post COVID-19 disruption-221028
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药明康德(603259) 3Q22 earnings in line. WuXi AppTec reported 3Q22 revenue of RMB10.64bn,up 78% YoY (71%/66% YoY for 1Q/2Q22), attributable recurring net income of RMB2.38bn, up 143% YoY (106%/65% YoY for 1Q/2Q22), and attributable adjusted Non-IFRS net income of RMB2.47bn, up 82% YoY (118%/49% YoY for 1Q/2Q22). The Company has experienced a strong recovery from COVID-19 disruption in 2Q22. Earnings are in line with our forecasts with 3Q22 revenue / adjusted Non-IFRS net income accounting for 27%/28%, respectively, of our 2022 full-year estimates. Revenue growth in 3Q22 accelerated by 2.3 ppts to 80% YoY and adjusted Non-IFRS GPM improved by 2.3 ppts YoY to 38.6% under constant currency exchange rates. Supported by its solid financial position combined with abundant operating cash flows from large scale CMO projects,WuXi AppTec has decided to terminate its H share placement plan, which we think will boost market sentiment on the stock. In addition, management revised revenue growth guidance to 70-72% YoY from 68-72% YoY for 2022E, and reiterated its revenue CAGR target of over 34% in 2021-24E. WuXi Chemistry continued to record strong growth from both nonCOVID and COVID CDMO projects. WuXi Chemistry revenue jumped by 115% YoY in 3Q22, mainly driven by the 192% YoY revenue growth of chemical CDMO services. Based on our estimates, the Company booked ~RMB2.7bn revenue from commercial-stage COVID-19 projects in 3Q22 (~RMB1.5bn/RMB2.7bn in 1Q/2Q22), accounting for ~34% of WuXi Chemistry revenue. Excluding the commercial-stage COVID-19 projects,revenue of WuXi Chemistry segment still delivered a solid growth of 41% YoY in 3Q22 (52%/23% YoY in 1Q/2Q22), indicating an increasing demand from non-COVID-19 projects as well. It’s worth mentioning that CDMO revenue from oligo & peptide projects increased by more than 4-fold to RMB1.1bn in 9M22, contributing 13% of chemical CDMO revenue (excluding the commercial-stage COVID-19 projects). WuXi Testing and WuXi Biology rebounded from the negative impacts of COVID-19 pandemic in 2Q22. Revenue of WuXi Testing grew by 28% YoY in 3Q22 (32%/17% YoY for 1Q/2Q22) while revenue of WuXi Biology increased by 37% YoY in 3Q22 (26%/12% YoY for 1Q/2Q22). WuXi AppTec continued to enhance its competency in various fields such as drug safety assessment, medical device testing, SMO and drug discovery services (i.e.,DNA Encoded Compound Library). The Company has built the largest drug discovery team in the world, functioning as a critical project source for its downstream services, such as CDMO and clinical CRO. Consistent globalization efforts. In Aug 2022, WuXi AppTec initiated the construction of its large-scale drug product manufacturing facilities in Delaware, the US. The Company also announced to invest US$1.4bn in next 10 years to build full-suite R&D and manufacturing sites in Singapore. We believe its fast-growing global network will enable the Company to better meet the growing and diversified client demand. Maintain BUY. We revise our TP from HK$185.17 to HK$142.20, based on a 10-year DCF model (WACC: 10.94%, terminal growth rate: 3.0%).
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（以下内容从招银国际《Strong recovery post COVID-19 disruption》研报附件原文摘录）药明康德(603259) 3Q22 earnings in line. WuXi AppTec reported 3Q22 revenue of RMB10.64bn,up 78% YoY (71%/66% YoY for 1Q/2Q22), attributable recurring net income of RMB2.38bn, up 143% YoY (106%/65% YoY for 1Q/2Q22), and attributable adjusted Non-IFRS net income of RMB2.47bn, up 82% YoY (118%/49% YoY for 1Q/2Q22). The Company has experienced a strong recovery from COVID-19 disruption in 2Q22. Earnings are in line with our forecasts with 3Q22 revenue / adjusted Non-IFRS net income accounting for 27%/28%, respectively, of our 2022 full-year estimates. Revenue growth in 3Q22 accelerated by 2.3 ppts to 80% YoY and adjusted Non-IFRS GPM improved by 2.3 ppts YoY to 38.6% under constant currency exchange rates. Supported by its solid financial position combined with abundant operating cash flows from large scale CMO projects,WuXi AppTec has decided to terminate its H share placement plan, which we think will boost market sentiment on the stock. In addition, management revised revenue growth guidance to 70-72% YoY from 68-72% YoY for 2022E, and reiterated its revenue CAGR target of over 34% in 2021-24E. WuXi Chemistry continued to record strong growth from both nonCOVID and COVID CDMO projects. WuXi Chemistry revenue jumped by 115% YoY in 3Q22, mainly driven by the 192% YoY revenue growth of chemical CDMO services. Based on our estimates, the Company booked ~RMB2.7bn revenue from commercial-stage COVID-19 projects in 3Q22 (~RMB1.5bn/RMB2.7bn in 1Q/2Q22), accounting for ~34% of WuXi Chemistry revenue. Excluding the commercial-stage COVID-19 projects,revenue of WuXi Chemistry segment still delivered a solid growth of 41% YoY in 3Q22 (52%/23% YoY in 1Q/2Q22), indicating an increasing demand from non-COVID-19 projects as well. It’s worth mentioning that CDMO revenue from oligo & peptide projects increased by more than 4-fold to RMB1.1bn in 9M22, contributing 13% of chemical CDMO revenue (excluding the commercial-stage COVID-19 projects). WuXi Testing and WuXi Biology rebounded from the negative impacts of COVID-19 pandemic in 2Q22. Revenue of WuXi Testing grew by 28% YoY in 3Q22 (32%/17% YoY for 1Q/2Q22) while revenue of WuXi Biology increased by 37% YoY in 3Q22 (26%/12% YoY for 1Q/2Q22). WuXi AppTec continued to enhance its competency in various fields such as drug safety assessment, medical device testing, SMO and drug discovery services (i.e.,DNA Encoded Compound Library). The Company has built the largest drug discovery team in the world, functioning as a critical project source for its downstream services, such as CDMO and clinical CRO. Consistent globalization efforts. In Aug 2022, WuXi AppTec initiated the construction of its large-scale drug product manufacturing facilities in Delaware, the US. The Company also announced to invest US$1.4bn in next 10 years to build full-suite R&D and manufacturing sites in Singapore. We believe its fast-growing global network will enable the Company to better meet the growing and diversified client demand. Maintain BUY. We revise our TP from HK$185.17 to HK$142.20, based on a 10-year DCF model (WACC: 10.94%, terminal growth rate: 3.0%).
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