招银国际：药明康德（603259）-Guidanceraisedafterexceptional2Q26earnings

药明康德(603259) WuXiAppTecdeliveredexceptionallystrongresultsin1H26,withgrowthacceleratingthroughtheyeardespitemeaningfulFXheadwinds.In1H26,totalrevenuerose38.9%YoYtoRMB28.9bn(2Q:+47.7%YoY),whilerevenuefromcontinuingoperationsgrew48.0%YoY(2Q:+55.2%YoY).Adj.netprofitsurged83.2%YoYtoRMB11.6bn(2Q:+91.7%YoY),drivingtheadj.netmargintoarecord40.0%.Demandvisibilitycontinuedtoimprove,withbacklogforcontinuingoperationsreachingRMB66.4bnasof30June.Mgmt.notedbacklog/newbookingsgrew~30%/>40%YoYonaconstantexchan