Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, indicating strong growth potential and performance exceeding expectations [1][2]. Core Insights - WuXi AppTec reported a robust sales revenue of 2.124 billion RMB in 2023, reflecting a year-on-year growth of 114.4%. The gross profit reached 560 million RMB, also showing a significant increase of 114.3%, while net profit was 284 million RMB, up by 82.1% [1][2]. - The company has a strong project pipeline with 50 new projects signed in 2023, bringing the total to 143. This includes 13 Phase II and 8 Phase III clinical projects, indicating a solid commercial potential for future revenue [1]. - WuXi AppTec's revenue from ADC (Antibody-Drug Conjugates) projects reached 1.888 billion RMB, growing by 106.6%, while XDC (Next-Generation ADC) projects generated 236 million RMB, a remarkable increase of 212.5% [1]. - The company is expanding its production capabilities with a new facility in Wuxi and ongoing construction in Singapore, expecting a significant increase in capital expenditure to 1.55 billion RMB in 2024 [1]. - The order backlog stood at 579 million USD at the end of 2023, marking an 81.9% increase, with a diversified customer base including 6 of the top 10 global pharmaceutical companies [1]. Financial Summary - The projected revenues for WuXi AppTec for 2024, 2025, and 2026 are 3.2 billion RMB, 4.703 billion RMB, and 6.726 billion RMB, respectively, with expected growth rates of 50.7%, 47.0%, and 43.0% [2][8]. - The net profit forecasts for the same years are 560 million RMB, 909 million RMB, and 1.371 billion RMB, with corresponding growth rates of 97.4%, 62.4%, and 50.9% [2][8]. - The report highlights an expected increase in EPS (Earnings Per Share) from 0.24 RMB in 2023 to 1.15 RMB by 2026, indicating strong profitability growth [2][8].

证券研究报告·海外公司点评·药品及生物科技(HS) 药明合联（02268.HK） 2023 年度报告点评：ADC 赛道高景气，ADC 2024 年 03月 26日 CRDMO 龙头业绩增长强劲 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 研究助理 张坤 执业证书：S0600122050008 营业总收入（百万元） 990.42 2,123.84 3,168.42 4,439.58 6,030.45 zhangk@dwzq.com.cn 同比 209.31% 114.44% 49.18% 40.12% 35.83% 归母净利润（百万元） 155.73 283.54 625.74 958.58 1,319.90 股价走势 同比 183.51% 82.07% 120.69% 53.19% 37.69% 药明合联 恒生指数 EPS-最新摊薄（元/股） 0.13 0.24 0.52 0.80 1.10 16% P/E（现价&最新摊薄） 126. ...

Financial Performance - Revenue for the year ended December 31, 2023, increased by 114.4% to RMB 2,123.8 million compared to RMB 990.4 million in 2022[3] - Gross profit for the same period rose by 114.3% to RMB 559.6 million, maintaining a gross margin of 26.3%[3] - Adjusted net profit attributable to shareholders grew by 112.1% to RMB 412.3 million, with an adjusted net profit margin of 19.4%[3] - The company's revenue for the year ending December 31, 2023, increased by 114.4% to RMB 2,123.8 million, with gross profit rising by 114.3% to RMB 559.6 million[20] - Adjusted net profit attributable to shareholders grew by 112.1% to RMB 412.3 million, while the total amount of uncompleted orders increased by 81.9% from USD 318.0 million to USD 578.6 million[20] - Net profit increased by 82.1% from RMB 155.7 million for the year ended December 31, 2022, to RMB 283.5 million for the year ended December 31, 2023[90] - Adjusted net profit rose by 112.1% from RMB 194.4 million for the year ended December 31, 2022, to RMB 412.3 million for the year ended December 31, 2023[91] - Basic earnings per share increased by 55.6% from RMB 0.18 for the year ended December 31, 2022, to RMB 0.28 for the year ended December 31, 2023[93] Project Development - The total number of ongoing integrated projects increased by 52.1% from 94 to 143 projects year-over-year[10] - The number of preclinical and Phase I projects rose by 45.2% from 84 to 122 projects[10] - The company successfully advanced 17 projects from preclinical development to early clinical development during the reporting period[10] - The total number of drug discovery projects executed since inception increased by 42.8% from 299 to 427 projects[10] - The company has 143 projects under the "Empower - Follow - Win" strategy, with 84 preclinical projects and 427 discovery projects as of December 31, 2023[1] - There are currently 59 ongoing IND projects, including 8 in Phase III and 38 in Phase I[1] - The company has the capacity to support 40 INDs annually, ensuring a seamless transition between early and late-stage development[1] - The total number of new projects signed in 2023 reached 50, including 21 in Phase II and III[1] Market Expansion and Collaborations - The company has signed multiple technology collaborations with innovative biotech firms focused on ADC development[8] - The company plans to submit 5 production process validation (PPQ) projects for new drug applications (BLA) in 2024[1] - The company aims to commercialize its products, with expectations for new product launches in 2024[22] - The company is expanding its production capacity in Wuxi, China, and building new facilities in Singapore to enhance its ability to produce antibodies for ADCs[30] - The company has established partnerships with notable biotech firms to enhance discovery and development capabilities, aiming to accelerate clinical candidate discovery[46] - The company signed a memorandum of understanding with South Korean biotech firm IntoCell on January 3, 2024, for comprehensive collaboration on ADC platform technology[143] - A collaboration agreement was signed with Multitude Therapeutics on January 31, 2024, for CRDMO services related to ADC platform technology[146] Production and Capacity - The new facility in Singapore is expected to begin GMP-compliant operations in 2026, with plans for four production lines for clinical and commercial production[33] - The integrated end-to-end ADC CRDMO service capabilities are operational in Wuxi, Changzhou, and Shanghai, making the company a unique provider in the ADC bioconjugate market[31] - The company is focusing on optimizing ADC production and ensuring consistency and successful scale-up through various IND preparation studies[26] - The company anticipates increasing opportunities in the ADC and XDC project areas, enhancing its competitive position in the market[25] - The company has developed a strategy of "empower, follow, and win molecules," facilitating the transition of multiple early-stage projects into later stages[29] Financial Position and Investments - The company's total assets as of December 31, 2023, amounted to CNY 5,199,980,000, up from CNY 1,402,331,000 in 2022, representing a growth of approximately 270%[148] - Cash and bank balances surged by 1,108.2% from RMB 335.0 million on December 31, 2022, to RMB 4,047.6 million on December 31, 2023, primarily due to business growth and net proceeds from the IPO[107] - The company has no outstanding debt securities, bank borrowings, or significant contingent liabilities as of December 31, 2023[114] - The company raised approximately HKD 3,936.9 million from a global offering, issuing 178,446,000 shares at HKD 20.60 per share, with additional shares issued following the exercise of over-allotment options[136] - The company plans to establish new facilities in Singapore with a budget of HKD 1,299.2 million, expected to be utilized by the end of 2026[138] - The company allocated HKD 708.7 million for hiring operational, production, and management personnel in Singapore, also expected to be utilized by the end of 2026[138] - The company intends to seek strategic alliances, investments, and acquisition opportunities with a budget of HKD 905.5 million, expected to be utilized by the end of 2026[138] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[132] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management processes[135] - The company has implemented a stock option plan to reward or incentivize eligible participants based on their contributions or potential contributions to the group[125] - The company has been applying all new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2023, ensuring compliance with international accounting standards[153] Environmental and Social Responsibility - The company aims to reduce Scope 1 and Scope 2 greenhouse gas emissions intensity by 50% by 2030, based on 2021 levels[53] - The company is committed to environmental, social, and governance (ESG) principles in its operations[187] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[147] - The company is exploring potential mergers and acquisitions to enhance market presence and operational capabilities[123] - The company has provided a revenue guidance of RMB 1.8 billion for the next fiscal year, which reflects an expected growth of 20%[192] - The company is focused on expanding its market presence and exploring potential mergers and acquisitions[184]

2024年03月19日 公司深 度研究 公 买入 / 首次 司 药明合联(02268) 研 究 昨收盘:16.74 风劲帆满立潮头，药明合联乘势而兴 ◼ 走势比较 报告摘要 20% ⚫ ADC药物有望引领精准化疗新时代，研发热推高ADC CDMO需求 2023年已上市的 ADC药物销售额突破百亿美元，其中有 6款销 太 4% (12%)71/11/32 01/21/32 2/1/42 52/1/42 71/2/42 11/3/42 售 望额 吸超 引更10 多亿 药美 企元 投的 入重 到磅 A炸 D弹 C的药 研物 发。 浪AD 潮C 中药 。物 市场表现远超预期，有 平 洋 (28%) ADC的研发和生产壁垒较高，约 70%—80%的 ADC项目会外包 证 (44%) 给 CDMO 企业，远高于其他生物制剂 34%左右的外包率。较高的渗 券 透率有望为相关的CRDMO企业带来新机遇。 (60%) 股 药明合联 恒生指数 ⚫ 药明合联在长三角建设充足产能，CDMO出海具备前瞻性 份 中国药企拥有全球数量最多的 ADC 药物研发管线，2023 年国产 有 ◼ 股票数据 ADC 集体走向国际市场，有望突破国内市 ...

医药生物/医疗服务 公 司 研 药明合联（02268.HK） 药明合联：全球生物偶联药物 CRDMO 服务龙头 究 2024年03月06日 ——公司首次覆盖报告 投资评级：买入（首次） 余汝意（分析师） 汪晋（联系人） yuruyi@kysec.cn wangjin3@kysec.cn 证 书编号：S0790523070002 证书编号：S0790123050021 日期 2024/3/6 当前股价(港元) 23.200  生物偶联药物端到端CRDMO服务龙头，充沛订单保证业绩高增长 公 一年最高最低(港元) 34.000/12.080 药明合联专注于为全球客户提供生物偶联药物端到端 CRDMO 服务，主营业务 司 包括生物偶联药物、单克隆抗体中间体及相关连接子与有效载荷的发现、工艺开 首 总市值(亿港元) 277.84 次 流通市值(亿港元) 277.84 发及 GMP 生产。公司已累计为全球 304 名客户提供服务，包括全球 ADC 及生 覆 总股本(亿股) 11.98 物偶联药物市场大多数从业者。短期看，公司服务客户数量快速增加，未完成订 盖 报 流通港股(亿股) 11.98 单金额于2023年6月底 ...

[Tabl公e_Pa司ge]深 度研究|制药、生物科技与生命科学 证券研究报告 [【Table广_Title发] 医药＆海外】药明合联（02268.HK） [公Tab司le_I评nves级t] 买入 当前价格 17.78港元 前瞻布局打造一体化优势，平台高速成长 合理价值 21.28港元 报告日期 2024-02-25 [ 核Tabl 心e_Su 观mm 点ary] ： 基[Ta本ble数_B据ase Info] ⚫ 前瞻布局一体化平台，业务收入高速发展。药明合联是是一家致力于 总股本/流通股本（百万股） 1197.60/1197.60 提供全面ADC及更广泛的XDC CRDMO综合服务的公司,可提供跨学 总市值/流通市值（百万港元） 21293/21293 科综合服务，涵盖生物偶联药物的发现、研究、开发及制造。公司收入 一年内最高/最低（港元） 33.40/12.98 增长迅猛， 2020-2022年增速CAGR为170.80%。 30日日均成交量/成交额（百万） 5.09/95.46 ⚫ ADC行业研发与交易火热，空间广阔，复杂工艺催生外包需求。自2018 近3个月/6个月涨跌幅（%） -39.11/-3 ...

Core Viewpoint - WuXi AppTec (02268) anticipates significant growth in sales and net profit for the fiscal year ending December 31, 2023, driven by the active development of the antibody-drug conjugate (ADC) industry and the company's unique competitive advantages in securing projects [1][1][1] Financial Performance - The company expects sales revenue to increase by over 100% compared to the same period last year [1] - Net profit is projected to grow by over 80% year-on-year [1] - Adjusted net profit is anticipated to rise by over 100% [1] Industry Developments - The growth is primarily attributed to the ongoing active development within the ADC sector [1] - The company has secured multiple PPQ (Process Performance Qualification) projects since its listing in November 2023 [1] - Collaborations have been established with several innovative biotech companies focused on ADC development [1] Business Outlook - The board expresses strong confidence in the business outlook and remains committed to business development [1] - The company aims to assist clients in developing and advancing various bioconjugate projects [1]