药明康德（603259）：收入和利润均高速增长，超市场预期

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (603259) [2] Core Insights - WuXi AppTec reported a significant revenue increase of 21.0% year-on-year, reaching 9.65 billion yuan in Q1 2025, with a notable 89.1% growth in net profit attributed to one-time investment gains [5][8] - The company has a strong order backlog of 52.33 billion yuan, reflecting a 47.1% year-on-year increase, with TIDES orders growing by 105.5% [8] - The company plans to distribute a special dividend of 1 billion yuan in addition to maintaining a 30% annual cash dividend ratio, alongside a share buyback of 1 billion yuan [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 42.77 billion yuan, with a year-on-year growth rate of 9.0% [7] - The forecasted net profit for 2025 is 11.27 billion yuan, representing a 19.3% increase compared to the previous year [7] - The report anticipates a continued double-digit growth trajectory for the company's core business, with overall revenue expected to reach between 41.5 billion and 43 billion yuan [8]