招银国际：药明康德（603259）-1Q26results:smallmoleculeD&Mfuellingoverallgrowth

药明康德(603259) WuXiAppTecreleasedbetter-than-expected1Q26financialresults.Revenuegrewby28.8%YoYtoRMB12.4bnwithcontinuingoperationsrevenueincreasingby39.4%YoY,whileadj.non-IFRSattributablenetprofitsurged71.7%YoYtoRMB4.6bn.1Q26revenue/adj.netprofitrepresent24.1%/25.6%ofourfull-yearforecasts,respectively,significantlyhigherthanthehistoricalaverageof18-20%.Asof1Q26,backlogforcontinuingoperationsgrewby23.6%YoY(+29%YoYifexcl.FXfluctuations)toRMB59.8bn,withneworderssignedin1Q26growingbyover25%.Mgmt.maint