老杰先生将带领大家解读我们的财务表现那么在正式汇报之前提醒大家关注我们的免责声明提醒本次会议涉及的前瞻性纯属基于当前的预测实际结果可能受市场风险及不确定性影响详细风险信息请大家参阅公司的公开文件公司不承担更新前瞻性的任何义务那么现在我将把话筒交给公司的CEO Dr. JimmyJimmy 请开始 好多谢Chris早上好晚上好各位Analyst和投资人我们来开始我来先讲述一下耀明合联2024年的整体的业绩情况我们下一页下一页 我先过一下大概两页过一下业绩的亮点就是这一页可以让大家在一起跟我们熟悉一下我们的业务模式药明荷联是全球唯一的专注于服务偶联药市场的CRDMO也是唯一的能够我们说cover所有的四个偶联药的component它的抗体的蛋白 然后小分子的链接子载合还有就是欧联药原液还有欧联药的自剂唯一能够cover这4个component而且每一个component都能够从早期的研发这个R到临床开发D到M临床和商业化生产这样的一个CRDMO到目前我们全球大概500家客户 为全球的客户一共合成了超过14000个不同的各种偶联要分子综合的项目总体项目大概有900个这里头有大概700是我们叫ADC的项目200大概是 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha WuXi XDC (2268.HK) 26 March 2025 | 12:07AM HKT Earnings review: Unchanged FY25 sales guidance of over 35% growth, with potential stable margins; Neutral In line with profit alert, 2H24 revenue/adjusted NP of Rmb2,387mn/640mn, +111%/+227% y/y, that is mainly driven by growing ADC outsourcing market and more projects moving to later phases. NM at 24.4% (versus 9.4%/29.3% in 2H23/1H24), with GM 2268.HK 12m Price Target: HK$39.00 Price: HK$40.00 Downside: 2.5% at 29.5%, in line w ...

Investment Rating - The investment rating for WuXi AppTec (02268.HK) is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.052 billion yuan in 2024, representing a year-on-year growth of 86.82%, and a net profit of 1.070 billion yuan, with a year-on-year increase of 277.24% [4][8] - The total amount of unfulfilled orders reached 991 million USD, a year-on-year growth of approximately 71.2%, providing assurance for future performance growth [4] - The company is positioned as a leading CRDMO in the global antibody-drug conjugate (ADC) outsourcing service market, prompting an upward revision of profit forecasts for 2025-2027 [4][5] Financial Performance - Revenue and Profit Forecasts: - 2025: Revenue expected to be 5.471 billion yuan, net profit 1.433 billion yuan, EPS 1.2 yuan - 2026: Revenue expected to be 7.340 billion yuan, net profit 1.932 billion yuan, EPS 1.6 yuan - 2027: Revenue expected to be 9.849 billion yuan, net profit 2.781 billion yuan, EPS 2.3 yuan [4][8] - Financial Ratios: - Gross margin is projected to increase from 30.6% in 2024 to 35.5% in 2027 - Net profit margin is expected to rise from 26.4% in 2024 to 28.2% in 2027 [8][10] Operational Highlights - The company has established three operational bases in Wuxi, Changzhou, and Shanghai, enhancing its product development and supply chain system [6] - The Wuxi base has achieved a significant milestone in "one-stop" production for ADC, simplifying the supply chain and significantly shortening production cycles [6] - The Singapore production base is expected to commence operations by the end of 2025, further expanding global capacity [6] Client Engagement - By the end of 2024, the company served a total of 499 clients, including 13 of the top 20 global pharmaceutical companies, which contributed to 32% of total revenue [4][5]

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (02268) [1][9] Core Views - WuXi AppTec demonstrated strong annual performance with a revenue of 4.052 billion RMB, a year-on-year increase of 91%, and a net profit of 1.069 billion RMB, reflecting a 277% growth [1][9] - The company's strategy of "Empower, Follow, and Win Molecules" has successfully driven project growth, with a total of 194 iCMC projects, including 53 new comprehensive projects signed in 2024 [2][4] - The ADC (Antibody-Drug Conjugate) market continues to show robust growth, with WuXi AppTec positioned as a leading CRDMO service provider, benefiting from a significant increase in client and project numbers [2][7] Summary by Sections Financial Performance - For 2024, WuXi AppTec reported a gross profit of 1.239 billion RMB, up 122% year-on-year, and an adjusted net profit of 1.174 billion RMB, a 185% increase [1][9] - The gross margin improved by 4.3 percentage points to 30.6%, attributed to enhanced production efficiency and cost control [6][9] - The company has a backlog of 9.91 billion USD in orders, a 71% increase year-on-year, with North America showing over 100% growth in unfulfilled orders [6][9] Market Position and Strategy - WuXi AppTec has established itself as a key player in the ADC and XDC project markets, with approximately 700 ADC projects and 200 XDC projects completed [2][3] - The company has empowered clients to submit 85 IND applications, showcasing its strong client relationships and market presence [2][5] - The global ADC market is projected to grow, with WuXi AppTec's capabilities expected to meet increasing production demands, supported by new production facilities set to be operational by the end of 2025 [6][7] Future Projections - The report forecasts net profits for WuXi AppTec to reach 1.456 billion RMB in 2025, 1.997 billion RMB in 2026, and 2.704 billion RMB in 2027, with a compound annual growth rate (CAGR) of 34.16% [9][10] - The projected price-to-earnings (PE) ratio for 2024 is 34.16, with an estimated market capitalization of 57 billion HKD [9][10]

Investment Rating - The report maintains an "OUTPERFORM" rating for WuXi XDC Cayman, with a target price of HK$49.10, representing a potential upside of 47% from the current price of HK$41.90 [1][19]. Core Insights - WuXi XDC achieved robust growth in 2024, with revenue reaching RMB4.052 billion, a year-on-year increase of 90.8%. The gross margin improved to 30.6%, up 4.3 percentage points, and net profit attributable to shareholders surged 277.2% to RMB1.070 billion [4][12]. - The company secured 53 new integrated projects and 23 iCMC projects in 2024, supporting clients in submitting 30 IND applications and delivering over 300 GMP production batches [5][13]. - North America emerged as the fastest-growing region, with revenue from North American clients reaching RMB2.03 billion, a 138.3% increase year-on-year, accounting for 50.1% of total revenue [15]. Financial Performance - Revenue projections for WuXi XDC from 2025 to 2027 are RMB5.587 billion, RMB7.387 billion, and RMB9.462 billion, with year-on-year growth rates of 37.9%, 32.2%, and 28.1% respectively [7][18]. - Net profit attributable to shareholders is expected to be RMB1.342 billion, RMB1.818 billion, and RMB2.403 billion for the same period, with growth rates of 25%, 35%, and 32% respectively [10][18]. - The adjusted net profit is projected to be RMB1.550 billion, RMB2.010 billion, and RMB2.580 billion, with growth rates of 32%, 30%, and 28% [10][18]. Market Position and Strategy - By the end of 2024, WuXi XDC had a total backlog of RMB991 million, reflecting a 71% year-on-year growth, with new contract signings maintaining pace with this growth [16]. - The company plans to maintain high capital expenditures, with 2025 CAPEX projected to exceed RMB1.4 billion, focusing on expanding its global manufacturing footprint and technical capabilities [17].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (2268.HK) [4] Core Views - WuXi AppTec reported strong annual performance for 2024, with revenue increasing by 91% year-on-year to 4.052 billion RMB and net profit attributable to shareholders rising by 277% to 1.070 billion RMB [1] - The company is experiencing robust growth in new projects and a diverse development in research projects, with 45 early discovery projects advancing to the iCMC stage and a total of 681 early discovery projects [1][2] - The company has a strong order backlog, with a total of 991 million USD in hand orders at the end of 2024, representing a 71% year-on-year increase [3] Summary by Sections Financial Performance - Revenue for 2024 reached 4.052 billion RMB, with a growth rate of 90.8% [4] - Adjusted net profit for 2024 was 1.174 billion RMB, reflecting a year-on-year increase of 185% [1] - Gross margin improved by 4.3 percentage points to 30.6%, while adjusted net profit margin increased by 7.3 percentage points to 26.4% [1] Business Development - The company signed 53 new comprehensive projects in 2024, including 9 backend production projects [1] - The production capacity at the Wuxi base is operating at high/full load, with a delivery success rate exceeding 99% [2] - The company plans to expand its production capacity significantly, with new lines expected to come online in 2025 and 2027 [2] Market Position - WuXi AppTec serves a growing client base, with 499 cumulative clients, including 13 of the top 20 global pharmaceutical companies [3] - The company anticipates continued growth in inquiries for iCMC stage projects, particularly in the U.S. market, which saw a 43% year-on-year increase in inquiries [3] Future Projections - Revenue projections for 2025, 2026, and 2027 are 5.554 billion RMB, 7.291 billion RMB, and 9.395 billion RMB, respectively, with expected growth rates of 37.1%, 31.3%, and 28.9% [4] - Net profit attributable to shareholders is projected to reach 1.342 billion RMB, 1.870 billion RMB, and 2.448 billion RMB for the same years, with growth rates of 25.4%, 39.4%, and 30.9% [4]

Investment Rating - The report maintains an "OUTPERFORM" rating for WuXi XDC Cayman, with a target price of HK$49.10 based on a current price of HK$41.90 [1][19]. Core Insights - WuXi XDC reported robust growth in 2024, with revenue reaching RMB4.052 billion, a year-on-year increase of 90.8%. The gross margin improved to 30.6%, up 4.3 percentage points, and net profit attributable to shareholders surged 277.2% to RMB1.070 billion [4][12]. - The company secured 53 new integrated projects and 23 iCMC projects in 2024, supporting clients in submitting 30 IND applications and delivering over 300 GMP production batches [5][13]. - North America emerged as the fastest-growing region, with revenue from North American clients reaching RMB2.03 billion, a 138.3% increase year-on-year, accounting for 50.1% of total revenue [15]. - The total backlog of orders reached RMB991 million, reflecting a 71% year-on-year growth, with new contract signings maintaining pace with this growth [16]. Financial Summary - Revenue projections for WuXi XDC from 2025 to 2027 are RMB5.587 billion, RMB7.387 billion, and RMB9.461 billion, representing year-on-year growth rates of 37.9%, 32.2%, and 28.1% respectively [7][18]. - Net profit attributable to shareholders is expected to be RMB1.342 billion, RMB1.818 billion, and RMB2.403 billion for the same period, with growth rates of 25%, 35%, and 32% respectively [10][18]. - The adjusted net profit is projected to be RMB1.550 billion, RMB2.010 billion, and RMB2.580 billion, with year-on-year growth rates of 32%, 30%, and 28% [10][18].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (2268.HK) with a target price of HKD 50, indicating a potential upside of 25% from the current price of HKD 40 [1][5][10]. Core Insights - WuXi AppTec's 2024 performance slightly exceeded previous positive earnings forecasts, with revenue reaching RMB 4.052 billion, representing a year-on-year increase of 90.8%, and adjusted net profit of RMB 1.07 billion, up 277.2% year-on-year [5][7]. - The company expects to achieve a revenue growth rate of over 35% in 2025, supported by a strong order backlog of USD 990 million, which is a 71.2% increase year-on-year [5][7]. - North America is identified as a key growth driver, with revenue contribution from this region increasing to 50% in 2024, up from 40% in 2023 [5][7]. Financial Performance Summary - **Revenue Forecasts**: - 2023: RMB 2,124 million - 2024: RMB 4,052 million (90.8% YoY growth) - 2025E: RMB 5,569 million (37.4% YoY growth) - 2026E: RMB 7,618 million (36.8% YoY growth) - 2027E: RMB 9,987 million (31.1% YoY growth) [7][9]. - **Net Profit Forecasts**: - 2023: RMB 284 million - 2024: RMB 1,070 million (277.2% YoY growth) - 2025E: RMB 1,302 million (21.7% YoY growth) - 2026E: RMB 1,739 million (33.6% YoY growth) - 2027E: RMB 2,356 million (35.5% YoY growth) [7][9]. - **Profitability Metrics**: - Gross margin improved to 30.6% in 2024 from 26.3% in 2023, with adjusted net profit margin expected to remain stable [5][7]. Capital Expenditure and Growth Strategy - The company plans to invest approximately RMB 1.4 billion in capital expenditures for 2025, primarily for expanding production capacity in Singapore and Wuxi [5][7]. - WuXi AppTec aims to optimize operations to mitigate potential impacts on gross margins from new capacity coming online [5][7].

药明合联（2268.HK）：24 年业绩略超 预期，维持 25 年 35%收入增速指引 浦银国际研究 公司研究 | 医药行业 公司 2024 年业绩略超此前公布的正面盈利预告，2025 年收入预计将 实现 35%以上增速。重申"买入"评级，目标价为 50 港元。 阳景 首席医药分析师 Jing_yang@spdbi.com (852) 2808 6434 胡泽宇 CFA 医药分析师 ryan_hu@spdbi.com (852) 2808 6446 2025 年 3 月 26 日 | 评级 | | | --- | --- | | 目标价（港元） | 50.0 | | 潜在升幅/降幅 | +25% | | 目前股价（港元） | 40.0 | | 52 周内股价区间（港元） | 14.0-46.9 | | 总市值（百万港元） | 48,041 | | 近 3 月日均成交额（百万） | 194 | 市场预期区间 SPDBI目标价 目前价 市场预期区间 资料来源：Bloomberg、浦银国际 注：截至 2025 年 3 月 25 日收盘价 股价表现 HK$35.0 HK$40.0 HK$50.0 HK$50.0 35 ...

Core Viewpoint - WuXi AppTec (02268) has shown significant financial growth, with a 277% increase in net profit year-on-year, driven by strong order reserves and demand for ADC drugs [1][2] Financial Performance - For the year 2024, WuXi AppTec reported revenues of approximately 4.052 billion yuan, representing a year-on-year growth of 90.8% [1] - Gross profit reached about 1.24 billion yuan, up 121.6% compared to the previous year [1] - The net profit attributable to shareholders was approximately 1.07 billion yuan, marking a 277.2% increase year-on-year [1] - Adjusted net profit grew by 184.8% to 1.174 billion yuan [1] Order Reserves - As of the end of 2024, the total amount of unfulfilled orders reached 991 million USD, reflecting a year-on-year growth of 71% [1] - The new contract amount and the growth rate of unfulfilled orders are in sync, with unfulfilled orders in North America increasing by over 100% year-on-year [1] Market Outlook - Nomura anticipates continued strong growth in fiscal year 2025 due to robust global demand for ADC drugs [1] - Based on the strong performance in 2024 and management guidance, the adjusted net profit forecast for 2025-26 has been raised by 7-10% [2] - The DCF target price has been adjusted to 51 HKD, with a focus on the progress of commercial orders and BLA submissions [2] - The company signed 53 new orders in 2024, indicating rapid expansion in the North American market and highlighting the ongoing high demand in the ADC development outsourcing industry [2]