港股公司报告 | 公司点评 药明合联（02268） 证券研究报告 2024年04月 04日 投资评级 业绩翻倍增长，ADC 赛道浪潮已至 行业 医疗保健业/药品及生 物科技 6个月评级 买入（维持评级） ⚫ 事件概要 当前价格 18.64港元 目标价格 港元 公司于2024 年3 月25 日公布2023 年年度业绩，2023 年实现营收21.24 亿元，同比增长114%；经调整净利润4.12 亿元，同比增长112%；毛利润 基本数据 5.60 亿元，同比增长114%；经调整净利率19.4%，毛利率为 26.3%。公司 港股总股本(百万股) 1,197.60 上市后业务取得进一步突破，叠加全球ADC 行业高景气度，截至2023 年 港股总市值(百万港元) 22,323.35 12月31日公司未完成订单总量为5.79亿美元，同比增长81.9%。 每股净资产(港元) 5.03 资产负债率(%) 19.02 ⚫ 投资要点 一 年内最高/最低(港元) 34.00/12.08 ⚫ “赋能、跟随和赢得分子”策略推动项目数快速增长，全球业务布局 作者 快速推进 杨松 分析师 截至2023年底，公司共承接综合项目总数143个， ...

证券研究报告 | 2024年04月03日 药明合联（02268.HK）--2023 年年报点评 增持 业绩快速增长，一体化 CRDMO 平台赋能 ADC 生产开发全流程 核心观点 公司研究·财报点评 全年业绩快速增长，收入、利润表现喜人。2023年全年营收21.24亿元 医药生物·医疗服务 （+114.44%），归母净利润2.84亿元（+82.07%）。加回上市开支及以 证券分析师：彭思宇 证券分析师：张佳博 股份为基础的薪酬开支后的经调整归母净利润为4.12亿元，同比增长 0755-81982723 021-60375487 pengsiyu@guosen.com.cn zhangjiabo@guosen.com.cn 112.12%，营收和利润均实现快速增长。 S0980521060003 S0980523050001 毛利率保持稳健，期间费用整体控制良好。公司2023年毛利率26.35%，与 基础数据 上年基本持平。销售费用率0.72%（-0.17pp）；管理(含研发）费用率9.46% 投资评级 增持(首次评级) 合理估值 （+1.07pp），主要系上市开支较大所致；财务费用率0.03%（-0.26pp ...

医药生物/医疗服务 公 司 研 药明合联（02268.HK） 稳步推进全球产能建设，在手订单充沛保障高增长 究 2024年04月02日 ——港股公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） 汪晋（联系人） yuruyi@kysec.cn wangjin3@kysec.cn 日期 2024/3/28 证 书编号：S0790523070002 证书编号：S0790123050021 港 当前股价(港元) 18.300  2023年业绩表现亮眼，未完成订单充沛保障未来业绩高增长 股 一年最高最低(港元) 34.000/12.080 2023年公司实现营收21.69亿元，同比增长114.3%；归母净利润2.84亿元，同 公 司 总市值(亿港元) 219.16 比增长82.1%；经调整净利润4.12亿元，同比增长112.1%。截至2023年年底， 信 流通市值(亿港元) 219.16 公司服务客户数量累计达345家，已与全球前10大药企中的6家进行ADC/XDC 息 总股本(亿股) 11.98 项目合作；未完成订单总量达5.79亿美元，同比增长约81.9%，为公司未来业绩 更 新 流通港股(亿股) 11 ...

研究报告Research Report 28 Mar 2024 药明合联 WuXi XDC Cayman (2268 HK) 收入利润高速增长，在手订单充沛，预计 2024 年完成多个 PPQ 项目，看好一站式偶联药 物 CRDMO 龙头长期发展 2023 Review: Rapid growth with abundant orders, to finish PPQ projects in 2024 [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 评级 优于大市OUTPERFORM 事件 现价 HK$17.04 目标价 HK$29.50 公司发布2023年业绩：2023年，营业收入21.24亿元（+114%）， HTI ESG 3.3-3.5-4.5 毛利率为 26.3%（-0.1pp），经调整净利润 4.12 亿元（+112%）， E-S-G: 0-5, (Please refer to the Appendix f ...

交银国际研究 公司更新 医药 收盘价 目标价 潜在涨幅 2024年3月26日 港元16.62 港元42.00 +152.7% 药明合联 (2268 HK) FY23 业绩超预期，技术进步+产能扩张持续驱动未来高增长  FY23超预期，FY24有望保持超高速增长：2023年收入+114.4%，净利润/ 个股评级 经调整净利润分别同比+82.1%/112.1%，均超过此前盈喜。毛利率/经调整 买入 净利率分别为 26.3%/19.4%，同比基本稳定。IND 前服务收入占比 43.6% （+5.1个百分点），IND后服务收入占比56.4%。非ADC项目收入占比提 升至11.1%（vs. 2022年7.6%）。截至2023年底，公司有143个进行中的 1年股价表现 综合项目（vs. 2022年末94个），包括122个临床前&I期项目、21个II/III 期项目（包括5个即将申报BLA 的PPQ项目）； ADC综合项目129个、 2268 HK 恒生指数 20% 非ADC综合项目14个；未完成订单总量5.8亿美元，同比+81.9%。公司全 10% 年新签50个综合项目，包括42个临床前和8个临床阶段项目，并将36个 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.65 HKD, reflecting a 50x PE for 2024 [6][9]. Core Insights - The company reported a revenue of 2.124 billion CNY in 2023, a year-on-year increase of 114%, and a net profit of 284 million CNY, up 82% [2][6]. - The company has established a one-stop CRDMO platform, serving 345 clients, including 6 of the top 10 global pharmaceutical companies [3]. - The company has a robust project pipeline with 570 ongoing projects, including 427 in drug discovery and 84 in preclinical stages [4]. - Global capacity expansion is underway, with a new facility in Singapore expected to be operational by 2026 [5]. Financial Performance - Revenue projections for 2024-2026 are 3.158 billion CNY, 4.559 billion CNY, and 6.332 billion CNY, with growth rates of 48.69%, 44.36%, and 38.89% respectively [6][7]. - Adjusted net profit forecasts for the same period are 589 million CNY, 914 million CNY, and 1.328 billion CNY, with corresponding growth rates of 107.74%, 55.22%, and 45.28% [6][7]. - The company’s EPS is projected to increase from 0.49 CNY in 2024 to 1.11 CNY in 2026, indicating a 3-year CAGR of 67.32% [6][7]. Market Position - The company is positioned as a leading ADC CXO enterprise globally, benefiting from the growing demand in the ADC industry [6][7].

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 ...