WuXi PharmaTech (603259): Growth Takes a New Step to Accelerate the CRO’s New Field Layout

WuXi PharmaTech (603259): Growth Takes a New Step to Accelerate the CRO’s New Field Layout
The semi-annual report revenue has reached a new level, and the non-FIRS net profit company has released a semi-annual report with a high growth rate, with operating income of 58.900 million (+33.7%), with a growth rate of + 10pp compared to last year and + 13pp compared to last year’s, the growth rate has increased significantly and reached a new level.Net profit attributable to mother 10.600 million (-16.9%), the growth rate changed from positive to negative.Deduct non-net profit 9.900 million (+20.0%), the growth rate was -12pp earlier in the middle of last year and -39pp earlier than last year.The profit side fluctuates. Listed companies (Unity Biotechnology, Inc.And Sinopharm, etc.) Loss from changes in fair value was 55.18 million, and the same period last year was 43.227 million. After replacing this effect, the net profit attributable to mothers increased by 32%, keeping pace with the income side. The company’s personnel has increased rapidly, currently 19,023 (an increase of 1,312 over the end of last year), an increase of 7% in the first half of the year.In the first half of the year, there were nearly 600 new customers and more than 3,600 active customers. Fully taking advantage of the “integrated, end-to-end” R & D service platform, the synergy between various business segments was further enhanced. Investment and construction continued to advance in the first half of the year, and Qidong R & D Center officially launched operations to effectively support the expansion of the R & D center’s Shanghai headquarters; the Wuxi Cell and Gene Therapy Product R & D and Production Base was officially completed to empower domestic customers. In the first half of the year, the increase in growth rate mainly benefited from the company’s clinical cro, the growth rate of cmo business further increased, and the laboratories in the US area improved significantly. From January to June 2019, the company added nearly 600 customers, and in 2018 the company added more than 1,400 customers.Together, it serves more than 3,600 customers from more than 30 countries around 无锡桑拿网 the world, covering all of the world’s top 20 pharmaceutical companies. Profit forecast and investment recommendationsThe EPS in 2021 will be 1.51 yuan, 2.06 yuan, 2.75 yuan, corresponding to 50 for PE.8 times, 37.1x, 27.8 times.Maintain the company’s “Buy” rating. Give a target price of 75.5 yuan. Risk Warning: Risk of weakening Sino-US technology exchanges