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研报掘金丨国泰君安:药明康德业绩符合预期,在手订单高增,维持“增持”评级

Research reports | gtja: Wuxi apptec's performance meets expectations, with a high increase in orders on hand, maintaining a "shareholding" rating.

Gelonghui Finance ·  Nov 1 15:52  · Ratings

Gtja research reports on November 1st stated that wuxi apptec (603259.SH) had Q3 quarterly revenue of 10.461 billion yuan (-1.96%), with a net income attributable to the mother of 2.293 billion yuan (-17.02%), performance meeting expectations. Maintaining the 2024 EPS forecast at 3.34 yuan. The company's order backlog continues to grow, considering the sustained increase in peptide business, cost reduction, efficiency improvement, and capacity utilization rate enhancement driving profit improvement, bullish on long-term growth prospects. Raised the EPS forecast for 2025-2026 to 3.78/4.27 yuan (from 3.70/4.11 yuan) based on comparable company valuations, giving a PE of 19X for 2025, raising the target price to 71.82 yuan (from 52.96 yuan), maintaining a "shareholding" rating.

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