WuXi AppTec(603259) 华西证券·2025-04-29 13:31Investment Rating - The investment rating for WuXi AppTec (603259) is "Buy" [5] Core Views - The company's Q1 2025 performance exceeded market expectations, with a revenue of 9.655 billion yuan, a year-on-year increase of 20.96%, and a net profit attributable to shareholders of 3.672 billion yuan, up 89.06% year-on-year [1][2] - The TIDES business significantly contributed to the core performance elasticity, with a revenue of 2.24 billion yuan, representing a remarkable growth of 187.6% year-on-year [2] - The company has a strong order backlog of 52.33 billion yuan, a year-on-year increase of 47.1%, indicating a continued high growth trend [2] Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 9.655 billion yuan, a 21.0% increase year-on-year, with adjusted profit reaching 2.68 billion yuan, up 40% [2] - The chemical business generated 7.39 billion yuan in revenue, a 32.9% increase year-on-year, while the small molecule CDMO business saw a revenue of 3.85 billion yuan, growing 13.8% [2] - The testing and biology segments reported revenues of 1.29 billion yuan and 610 million yuan, showing a decline of 4% and an increase of 8.2% respectively [2] Future Outlook - The company expects a revenue growth guidance of 10% to 15% for its continuing operations in 2025, supported by rapid order growth and ongoing cost reduction efforts [2] - The adjusted revenue forecasts for 2025-2027 are 42.724 billion yuan, 49.093 billion yuan, and 56.747 billion yuan respectively, with EPS estimates of 4.17 yuan, 4.94 yuan, and 5.85 yuan [3][8] Valuation Metrics - The PE ratios for 2025, 2026, and 2027 are projected to be 15, 12, and 10 respectively, based on the closing price of 60.45 yuan per share on April 29, 2025 [3]