stable growth； smooth delivery

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1、DeutscheBankMarketsResearchRatingCompanyDateBuyWuXiPharmaTech14May2013ForecastChangeAsiaChinaPriceat13May2013(USD)20.00HealthCarePricetarget-12mth(USD)22.00HealthCareReutersBloombergExchangeTicker52-weekrange(USD)20.24-13.20WX.NWXUSNYSWXHANGSENGINDEX2

2、2,990Stablegrowth;smoothdeliveryJackHu,Ph.DResearchAnalyst(+852)220362081Q13beat;guidancemaintained;increasingtargetpriceto$22jack.hu@db.comWXreported1Q13revenue/EPSof$131.9M/$0.35,higherthanFCconsensusof$130m/0.32butinlinewithourestimateof$133m/0.35.

3、TheserepresentKeychanges11.7%/7.5%YoYgrowth.Managementreconfirmedfull-year2013guidance,andascribedtherobustgrowthtobroadstrengthinallservicelinesandcost-Pricetarget20.00to22.00↑10.0%controllingefforts.WereiterateBuyandincreasethetargetpriceto$22.Sales

4、(FYE)578to577↓-0.2%Opprof20.5to20.5↓-0.1%Drugdevelopmentrevenuerampingupmargin(FYE)China-andUS-basedlabservicesrevenuegrew15.5%and3.8%YoY,Netprofit110.2to110.1↓-0.1%respectively,whilemanufacturingrevenuegrew9.6%YoY.Management(FYE)highlightedthat1)drug

5、developmentrepresents13.2%ofthetotalrevenueinPrice/pricerelative1Q13,from9.0%in1Q12,withimprovingmargins;2)thesyntheticchemistryrevenuecontributiondecreasedto17.2%from18.3%inthesameperiod;3)22pricinghasbeenstable,withoutfurtherdeterioratingpriceerosio

6、n;and4)WX2018hassixcommercialproductsundertheCMOside.1614Marginstabilizingin2013;82%YoYgrowthofoperatingcashflow12ManagementexpectsastableGMandOPMin2013,particularlyformedicinal10chemistryanddiscovery,thelargestprofitcontributor.For1Q13,GMwasin5/1111/

7、115/1211/12linewith1Q12,whileoperatingmargindeclinedslightlyfrom20.6%to20.2%WuXiPharmaTechHANGSENGINDEX(Rebased)in1Q13.Operatingcashflowincreasedto$39.4min1Q13from$21.7min1Q12,representing82%YoYgrowthvs.3.7%netincomegrowth.Performance(%)1m3m12mAbsolut

8、e14.322.536.2Astableandmodestgrowthstory:increasingtargetpriceto$22;risksHANGSENGINDEX4.1-1.015.2WebelieveWXrepresentsamodestgrowthstorywithahighlevelofsustainabilityduetoitsincreasinglyintegratedserviceofferings.Our$22targetpriceisbasedon13xD