研究报告Research Report 4 Apr 2024 药明生物 Wuxi Biologics Cayman (2269 HK) 2023年报点评：收入利润稳健增长，看好公司多项技术平台驱动一体化CRDMO龙头长期增长 Revenue and profit grew steadily, optimistic about long-term growth driven by multiple technology platforms [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) 事件 评级 优于大市OUTPERFORM 现价 HK$14.20 公司发布2023年业绩：2023年，公司收入170.34亿元，同比增长 目标价 HK$30.88 11.6%，非新冠项目收入 165.1 亿元，同比增长 37.7%。毛利率 HTI ESG 5.0-3.2-4.0 40.1%（-3.9pp），经调整归母纯利 47.0 亿元，同 ...

Investment Rating - The investment rating for WuXi Biologics (02269.HK) is "Buy" [3][22]. Core Views - The company achieved a revenue of 17.034 billion yuan in 2023, representing a year-on-year growth of 11.56%, while the net profit attributable to shareholders decreased by 23.09% to 3.4 billion yuan due to several factors including capacity ramp-up, reduced investment income, and increased operational expenses [4][8]. - Non-COVID projects have shown significant growth, with non-COVID revenue reaching 16.506 billion yuan, a year-on-year increase of 37.7%, accounting for 96.9% of total revenue [4][10]. - The company has made substantial progress in its dual antibody technology, WuXiBody™, with 45 collaborations established, and several projects expected to receive IND approval in 2024 [15][18]. - The company is expanding its global production capacity with ongoing projects in Ireland, Germany, the United States, and Singapore, aiming to enhance its global service capabilities [18][20]. - WuXi Biologics has maintained a robust quality system, successfully passing 33 regulatory inspections from major global authorities since 2017, establishing itself as a leader in commercial production in China [20][22]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 17.034 billion yuan, with a net profit of 3.4 billion yuan, reflecting a decrease in profit margins due to various operational challenges [4][8]. - The overall gross margin for 2023 was 40.08%, down 3.95 percentage points year-on-year, while the net margin was 19.96%, down 8.99 percentage points [8][10]. Non-COVID Projects - Non-COVID related revenue surged to 16.506 billion yuan, marking a 37.7% increase, with late-stage clinical and commercial production projects seeing a remarkable 101.7% growth [4][10]. - The total number of projects reached 698, with 24 commercial production projects, and a record number of new non-COVID projects added [10][15]. Technological Advancements - The WuXiBody™ technology has been recognized in the industry, with multiple projects in various stages of development, showcasing the company's innovative capabilities [15][18]. Global Expansion - The company is actively enhancing its global production capabilities, with facilities in multiple countries expected to achieve operational milestones ahead of schedule [18][20]. Quality Assurance - WuXi Biologics has established a comprehensive quality system, achieving certifications from major regulatory bodies, which underscores its commitment to quality in biopharmaceutical production [20][22].

医药生物/生物制品 公 司 研 药明生物（02269.HK） 非新冠业务稳健增长，全球产能布局持续推进 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) 14.300  非新冠业务稳健增长，在手订单整体较充沛 股 一年最高最低(港元) 56.700/12.940 2023年公司实现营收170.51亿元，同比增长11.5%，非新冠项目实现营收165.06 公 司 总市值(亿港元) 608.97 亿元，同比增长 37.7%；归母净利润 34.00 亿元，同比下滑 23.1%；经调整归母 信 流通市值(亿港元) 608.97 净利润46.99亿元，同比下滑4.6%。公司剔除新冠项目后业绩增长稳健，新增综 息 总股本(亿股) 42.59 合项目数从2023下半年起快速增加；截至2023年12月底，公司未完成订单总 更 新 流通港股(亿股) 42.59 量增加至 ...

浦银国际研究 公司研究 | 医药行业 药明生物（2269.HK）：2024 年 5%-10% 阳景 收入增速指引，低于预期 浦 首席医药分析师 银 Jing_yang@spdbi.com 维持“持有”评级，下调目标价至 20港元，重申我们认为短期内 (852) 2808 6434 国 公司股价仍将受到中美地缘政治影响而震荡的观点。 际 胡泽宇，CFA  2023年收入和经调整归母净利润大致符合我们预期。2023 年全年收 入达到人民币170亿元(+11.6% YoY， 非新冠收入增速为37.7% YoY)， 医药分析师 大致符合我们的预期和彭博一致预期。经调整 Non-IFRS 归母净利润 ryan_hu@spdbi.com (852) 2808 6446 为47 亿元（-4.6% YoY），基本符合我们预期，高于彭博一致预期。毛 公 利率为 40.1%（-3.9 ppts YoY），为近7 年最低，主要因海外生产设施 2024年3月27日 司 产能爬坡拖累。 评级 研  2H23 收入仅实现 6% YoY 增长，主要由 XDC收入增速驱动；经调整 究 Non-IFRS归母净利润下跌11% YoY，受海外 ...

[ 2T 0a 2b 4le 年_S 0t 3oc 月kIn 28fo 日] 证券研究报告•2023年年报点评 当前价： 14.30港元 药明生物（2269.HK） 医疗保健 目标价： ——港元 业绩符合预期，新增项目数量持续修复 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023 年年度报告，2023 年实现收入 170.3 亿元，同比增长 [分Ta析bl师e_：Au杜th向or阳] 11.6%；实现归母净利润 34亿元，同比下降 23.1%，归母经调整净利润 47亿 执业证号：S1250520030002 元，同比下降4.6%，收入利润符合预期。 电话：021-68416017 邮箱：duxy@swsc.com.cn  收入利润符合预期，非新冠项目保持稳健增长。2023年公司新冠收入 5.3亿元 （-83.9%）、非新冠收入165.1亿元（+37.7%）；分阶段看，临床前/临床早期（I [相Tab对le指_Q数u表ot现eP ic] 期、II 期）/临床 III 期与商业化阶段分别实现收入 54/36.2/77.3 亿元（同比 药明生物 恒生指数 +9.2%/+1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company achieved a revenue of 17.03 billion CNY in 2023, representing a year-on-year growth of 11.6%. Non-COVID project revenue was 16.51 billion CNY, showing a significant increase of 37.7% year-on-year. However, the net profit attributable to shareholders decreased by 23.1% to 3.4 billion CNY, while the adjusted net profit fell by 4.6% to 4.7 billion CNY [2][3] Summary by Sections Revenue Growth - Non-COVID revenue growth was robust, with a total of 16.51 billion CNY, up 37.7% year-on-year. COVID-related revenue was 0.53 billion CNY. Revenue from IND preclinical projects grew by 9.2% to 5.4 billion CNY, early clinical development revenue increased by 12.7% to 3.62 billion CNY, and late-stage clinical and commercial production revenue rose by 12.8% to 7.73 billion CNY. Notably, non-COVID Phase III and commercial revenue increased by 101.7% year-on-year. As of the end of 2023, the company had a total of 698 projects, with a backlog of 20.592 billion USD in unfulfilled orders, ensuring sustainable growth [2][3] Capacity Expansion - The company is advancing its global dual-plant strategy with new production capacities coming online. The Singapore integrated CRDMO center is under construction with a planned capacity of 120,000 liters. The Ireland MFG6 has completed its first PPQ production, and MFG7 has successfully produced 16,000 liters, with five PPQ projects expected in 2024. The German MFG19 will expand its raw material capacity to 24,000 liters, and the US MFG11 will increase its capacity to 36,000 liters, expected to be operational by 2025. The Hebei MFG8 has completed six batches of production in 2023, with the first PPQ expected in 2024 [3] Profit Forecast and Valuation - The company is projected to achieve revenues of 17.91 billion CNY, 20.83 billion CNY, and 24.16 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 5%, 16%, and 16%. The net profit attributable to shareholders is expected to be 3.61 billion CNY, 4.32 billion CNY, and 5.02 billion CNY for the same years, with growth rates of 6%, 20%, and 16%. The corresponding PE ratios are estimated at 15.6x, 13.0x, and 11.2x [3][6]

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27日 港元13.56 港元16.20↓ +19.5% 药明生物 (2269 HK) FY23 符合预期但 FY24 指引下调，外部不确定性仍较高，下调目标价 个股评级  FY23 业绩符合预期，核心业务强势增长，欧洲表现亮眼：2023 年收入 170.34亿元（+11.6% YoY；人民币，下同），符合我们预期及管理层此前 中性 指引；其中非新冠收入继续录得+37.7%的强劲增长。经调整净利润46.99 亿元（-4.6%），均符合我们预期。毛利率下滑 约4ppts，新增产能对毛利 率有6ppts的负面影响（去年海外产能整体亏损2亿美元），WPS运营效 1年股价表现 率提升带来2ppts正面影响。截至2023年末，综合项目数698个，其中 2269 HK 恒生指数 IND 前项目 339 个、临床 I 期/II 期/III 期项目 203/81/51 个、商业化项目 20% 10% 24个（vs. 2022年末17个），全年新增132个项目，创历史新高。未完 0% 成服务订单 133.98 亿美元（-1.0% YoY），未完成潜在里程碑付 ...

2024年3月28日 公司研究 商业化生产持续扩张，综合项目数稳步提升 ——药明生物（2269.HK）2023 年年报点评 要点 H 股：买入（维持） 当 前价：13.76港元 事件：公司发布2023年业绩公告，实现收入170.3亿元（YOY+11.6%）；实现 归母净利润34.0亿元（YOY-23.1%），实现经调整纯利49.5亿元（YOY-2.0%）， 符合预期。 作者 分析师：叶思奥 点评： 执业证书编号：S0930523050003 021-52523837 非新冠业务稳健增长，欧洲业务快速扩张。23年尽管受多重因素影响导致公司 yesa@ebscn.com 收入增速较往期有所下滑，但非新冠业务收入保持稳健增长，同比增长37.7% 至165.1亿元。公司新增项目数从23年二季度开始恢复，四个季度分别新增 市场数据 8/38/15/71个项目。按地区划分非新冠业务发展情况，北美/欧洲/中国/其他地 总股本(亿股) 42.58 区分别实现收入同比增长20.2%/+172.4%/-1.2%/+37.7%。欧洲成为公司收入 总市值(亿港元)： 585.94 保持稳健增长的主要贡献地。 一年最低/最高 (港元) ...

Investment Rating - The report maintains a "Buy" rating for WuXi Biologics (2269.HK) [2] Core Views - WuXi Biologics achieved a revenue of 17.03 billion RMB in 2023, representing a year-on-year growth of 11.6%, with non-COVID project revenue growing by 37.7%. However, the net profit attributable to shareholders decreased by 23.1% to 3.4 billion RMB, while adjusted net profit fell by 4.6% to 4.7 billion RMB [1][2] - The company signed a record 132 new projects in 2023, with a total pipeline of 698 projects, marking an 18.7% increase year-on-year. Revenue from late-stage clinical and commercialization grew steadily, with significant contributions from non-COVID projects [1] - The company is expanding its global production capacity, with capital expenditures of 4.1 billion RMB in 2023, expected to rise to 5 billion RMB in 2024. New facilities in Singapore, Ireland, Germany, and the USA are set to enhance production capabilities [1] - As of the end of 2023, the company had an order backlog of 20.59 billion USD, with unfulfilled orders growing to 3.85 billion USD, supporting revenue growth expectations [1] - The company forecasts a revenue growth of 5%-10% for 2024, with non-COVID revenue growth projected at 8%-14% [1] Summary by Sections Financial Performance - In 2023, WuXi Biologics reported total revenue of 17,034 million RMB, with a growth rate of 11.6%. The projected revenue for 2024 is 18,355 million RMB, with a growth rate of 7.8% [2] - The net profit for 2023 was 3,400 million RMB, down 23.1%, with an expected recovery to 3,813 million RMB in 2024, reflecting a growth rate of 12.2% [2] - Earnings per share (EPS) for 2023 was 0.80 RMB, projected to increase to 0.90 RMB in 2024 [2] Project and Capacity Expansion - The company has initiated construction of a CRDMO base in Singapore, with a planned capacity of 120,000 liters, and is expanding facilities in Ireland, Germany, and the USA to meet growing demand [1] - The rapid ramp-up of production capacity is expected to support the company's long-term growth strategy [1] Market Outlook - The report indicates a positive outlook for the biotechnology investment landscape, with signs of recovery in project signings and a robust pipeline of late-stage projects [1] - The anticipated contributions from commercialization projects are expected to provide significant revenue in the coming years [1]

M N 28 Mar 2024 CMB International Global Markets | Equity Research | Company Update WuXi Biologics (2269 HK) Expand overseas capacity to mitigate risks Target Price HK$18.32 WuXi Biologics (Wuxi Bio) reported 2023 revenue of RMB17.03bn, up 11.6% (Previous TP HK$39.65) YoY, attributable net income of RMB3.40bn, down 23.1% YoY, and adjusted Up/Downside 33.1% attributable net income of RMB4.70bn, down 4.6% YoY. Both revenue and Current Price HK$13.76 adjusted attributable net income were in-line with our forec ...