Group 1 - The National Medical Insurance Administration has collected a total of 27.309 billion drug traceability codes, covering 31 provinces and regions in China, with over 95% of designated medical institutions connected [1] - The "Medical Insurance Drug and Consumables Traceability Information Query" function on the National Medical Insurance Service Platform App has seen nearly 500,000 daily users since its launch [1] Group 2 - Tianjin Weiming Bio-Pharmaceutical's core product, interferon α2b spray, has been suspended from procurement in multiple regions due to non-compliance with biological activity standards [2] - The suspension of procurement is expected to impact the company's market share and reputation, highlighting the need for improved quality control [2] Group 3 - HRS-9813 capsules developed by Heng Rui Medicine have received clinical trial approval for the treatment of Idiopathic Pulmonary Fibrosis, with the tablet form also in Phase I trials [3] - The dual formulation development is anticipated to enhance the company's competitiveness in the treatment of this condition [3] Group 4 - WuXi Biologics has completed the sale of its Irish vaccine facility for a total consideration of $499.6 million, which includes $407 million paid at closing and $30 million held in escrow [4] - The transaction is expected to optimize asset allocation and improve cash flow, allowing the company to focus on its core business [4] Group 5 - Xinhua Pharmaceutical reported a revenue increase of 4.51% to 8.466 billion yuan for 2024, but net profit decreased by 5.33% to 470 million yuan due to price reductions of key products [5][6] - The decline in profit despite revenue growth reflects intense competition in the pharmaceutical market, necessitating faster new product development and market expansion to enhance profitability [6]

Investment Rating - The investment rating for WuXi Biologics is maintained as "Buy" [3] Core Views - The company reported a revenue of 18.68 billion yuan for 2024, representing a year-on-year growth of 9.6%, with a gross margin of 41.0%, an increase of 0.9 percentage points [1] - The adjusted net profit for 2024 is 4.78 billion yuan, reflecting a year-on-year increase of 1.8% [1] - The company expects accelerated growth in 2025, with projected revenue growth of 12-15% and a net profit increase of 18% [6] Financial Performance - Total revenue for 2023 was 17.05 billion yuan, with a projected increase to 21.22 billion yuan in 2025, indicating a compound annual growth rate of approximately 14% [2][8] - The net profit for 2023 was 3.4 billion yuan, with an expected rise to 3.973 billion yuan in 2025, showing a recovery trend after a slight decline in 2024 [2][8] - The company’s basic earnings per share (EPS) are projected to grow from 0.80 yuan in 2023 to 0.97 yuan in 2025 [2][9] Business Growth and Market Position - The company added 151 new projects in 2024, exceeding expectations, with over half coming from the U.S. market [6] - The North American region achieved a revenue growth of 32.5% year-on-year, despite geopolitical pressures [6] - The company’s commercial projects are expected to grow significantly, with 24 planned for 2025, up from 16 in the first half of 2024 [6] Valuation Metrics - The price-to-earnings (PE) ratio is projected to decrease from 31.3 in 2023 to 25.9 in 2025, indicating improving valuation as earnings grow [2][9] - The price-to-book (PB) ratio is expected to decline from 2.6 in 2023 to 2.2 in 2025, reflecting a more favorable valuation [2][9] Shareholder Information - The total market capitalization of WuXi Biologics is approximately 110.1 billion HKD, with major shareholder Li Ge holding a 14.28% stake [3]

Group 1 - The Hang Seng Healthcare Index (HSHCI) has seen a strong increase of 1.80%, with notable gains from companies such as Lepu Biopharma-B (up 16.56%) and Zai Lab (up 10.27%) [1] - The Hang Seng Medical ETF (513060) has risen by 2.11%, marking its third consecutive increase, with a trading volume of 4.69 billion yuan [1][2] - The second Boao Lecheng Stem Cell Conference has opened, marking a new phase of standardized and high-quality development in China's stem cell industry [2] Group 2 - Financial analysts predict that the approval and implementation of more projects in the stem cell sector will lead to advanced treatment methods benefiting the public [2] - The domestic medical innovation industry is expected to experience multiple growth opportunities, particularly for companies with true innovation capabilities in new drug development [2] - The Hang Seng Medical ETF has seen a significant growth in scale, increasing by 34.09 billion yuan over the past year, ranking in the top third among comparable funds [2] Group 3 - Since its inception, the Hang Seng Medical ETF has achieved a maximum monthly return of 28.34% and an average monthly return of 7.00% [3] - The ETF has outperformed its benchmark with an annualized excess return of 2.02% over the past year [3] - The ETF's management fee is 0.50%, and the custody fee is 0.15% [3] Group 4 - The tracking error of the Hang Seng Medical ETF is 0.033%, the highest tracking precision among comparable funds [4] - The latest price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 24.97, indicating it is at a historical low compared to the past year [4] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 55.64% of the index, with companies like WuXi Biologics and BeiGene among the leaders [4][6]

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of HKD 30.50 per share, based on a PE ratio of 30 times for 2025 [5][7]. Core Insights - The company reported a revenue of CNY 18.675 billion for 2024, representing a year-on-year growth of 9.6%, with a net profit of CNY 3.945 billion, up 10.5% year-on-year [2][5]. - The non-COVID revenue grew by 13.1%, indicating a strong performance in clinical and commercial production services [2][3]. - The company expanded its project pipeline significantly, adding 151 new projects in 2024, bringing the total to 817 projects, which supports future revenue growth [3][4]. Revenue and Profit Summary - In 2024, the revenue breakdown includes CNY 7.062 billion from IND pre-services, CNY 3.816 billion from Phase I/II clinical development services, and CNY 7.485 billion from Phase III clinical development services and commercial production [2]. - The company expects net profits for 2025, 2026, and 2027 to be CNY 3.918 billion, CNY 4.547 billion, and CNY 5.332 billion, respectively, with growth rates of 16.75%, 16.05%, and 17.26% [5][12]. Business Model and Growth Drivers - The integrated CRDMO platform is enhancing the company's operational efficiency and driving steady business growth, with a significant reduction in delivery time from DNA to IND now at 9 months [4]. - The report highlights the potential for accelerated project delivery with 148 new development projects added in 2024, and a steady increase in production batches expected in 2025 [4][5]. Market Performance - The company's stock has shown strong performance with a relative return of 18.2% over the past month and 89.4% over the past year [8]. - The current stock price is HKD 27.75, which is below the target price, indicating potential upside for investors [7].

Core Viewpoint - WuXi Biologics reported a revenue of 18.6754 billion yuan for 2024, marking a year-on-year growth of 9.6%, while the net profit was 3.945 billion yuan, up 10.5%, but the profit attributable to shareholders decreased by 1.3% [1][2] Financial Performance - The company experienced a second consecutive year of profit contraction, but it anticipates a return to accelerated growth in 2025 after absorbing the impacts of COVID-19 [1][4] - The adjusted net profit attributable to shareholders was 4.784 billion yuan, reflecting a year-on-year increase of 1.8% [2] - The total number of comprehensive projects increased by 151, reaching 817, with over half of the new projects coming from U.S. clients [2][3] Regional Performance - Revenue from North America grew significantly by 32.5% to 10.696 billion yuan, accounting for 57.3% of total revenue [3] - The increase in North American revenue was attributed to both existing client orders and the expansion of Chinese pharmaceutical projects into the U.S. market [3] Business Segments - Revenue from biopharmaceuticals was 14.731 billion yuan, representing 78.9% of total revenue, while revenue from XDC services doubled to 3.944 billion yuan [4] - IND pre-service revenue grew by 30.7% to 7.062 billion yuan, making up 37.8% of total revenue [4] - The commercial production segment is expected to significantly contribute to overall growth, with potential revenue increases from domestic biopharmaceutical companies expanding internationally [5] Pipeline and Growth Potential - The company has a diverse pipeline with 151 bispecific/multispecific antibodies, 194 ADCs, 80 fusion proteins, and 24 vaccines, with growth rates of 32% for bispecific/multispecific antibodies and 36% for ADC projects [5] - The management emphasized that the growth of Chinese biopharmaceutical companies and their international expansion will greatly benefit WuXi Biologics [5]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药明生物 (2269.HK) [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 下半年边际加速显著，拥有 R+D+M 三条长 期增长曲线 [Table_ReportDate] 2025 年 03 月 26 日 [Table_S 事件：2025 ummar年y]3 月 25 日，公司发布 2024 年全年业绩简报。2024 年公司 实现营业收入 186.75 亿元，同比增长 9.6%，如果扣除新冠项目的影响，2024 年公司非新冠收入同比增长 13.1%；2024 年公司实现毛利润 76.51 亿元， 同比增长 12.1%，对应 ...

| 医药 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 26 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 25.90 | 港元 25.00↑ | -3.5% | | | 药明生物 (2269 HK) | | | | | | 2H24 业绩复苏，RDM 三大业务端边际改善确定性较强，上调目标价 个股评级 中性 1 年股价表现 : FactSet 3/24 7/24 11/24 3/25 -40% -20% 0% 20% 40% 60% 80% 100% 120% 2269 HK 恒生指数 股份资料 | 52周高位 (港元) | 28.50 | | --- | --- | | 52周低位 (港元) | 10.26 | | 市值 (百万港元) | 106,372.34 | | 日均成交量 (百万) | 34.12 | | 年初至今变化 (%) | 47.49 | | 200天平均价 (港元) | 18.39 | | 资料来源 : FactSet | | 交银国际研究 公司更新 丁政宁 Ethan.Ding@bocomgroup.com ...

2025 年 3 月 26 日 公司研究 临床前收入快速恢复，整体项目数稳步提升 ——药明生物（2269.HK）2024 年年报点评 研发技术能力强，对外授权增厚利润。公司多个技术平台赋能客户多样化需求， 目前管线内有 313 个 first-in-class 项目，151 个双抗/多抗项目以及 194 个 ADC 项目。公司 TCE 平台开发能力已得到多方认可，基于该平台开发的产品被授权 给默沙东/GSK 等海外公司，且 Medigene AG 也和公司达成战略研究服务合作， 开发 TCR-TCE 疗法。公司技术平台已赋能 50+具里程碑付款及销售分成潜力的 项目，R 技术平台有权获得总额约为 1.4 亿美元的近期付款，潜在总交易金额超 过 23 亿美元，将增厚公司未来利润。 盈利预测、估值与评级：考虑到全球大分子 CDMO 竞争加剧，以及地缘政治影 响，下调 25-26 年归母净利润预测为 42.8/49.3 亿元（前值为 47.4/53.9 亿元， 分别下调 9.7%/8.5%），新增 27 年归母净利润预测为 57.5 亿元，对应 PE 为 23/20/17 倍。公司是我国大分子 CDMO 龙头，且技 ...

交银国际研究 公司更新 | 医药 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 26 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 25.90 | 港元 25.00↑ | -3.5% | | | 药明生物 (2269 HK) | | | | | | 2H24 业绩复苏，RDM 三大业务端边际改善确定性较强，上调目标价 个股评级 中性 1 年股价表现 : FactSet 3/24 7/24 11/24 3/25 -40% -20% 0% 20% 40% 60% 80% 100% 120% 2269 HK 恒生指数 股份资料 | 52周高位 (港元) | 28.50 | | --- | --- | | 52周低位 (港元) | 10.26 | | 市值 (百万港元) | 106,372.34 | | 日均成交量 (百万) | 34.12 | | 年初至今变化 (%) | 47.49 | | 200天平均价 (港元) | 18.39 | | 资料来源 : FactSet | | 丁政宁 Ethan.Ding@bocomgroup.com ...

[Table_Title] 下半年边际加速显著，拥有 R+D+M 三条长 期增长曲线 [Table_ReportDate] 2025 年 03 月 26 日 [Table_S 事件：2025 ummar年y]3 月 25 日，公司发布 2024 年全年业绩简报。2024 年公司 实现营业收入 186.75 亿元，同比增长 9.6%，如果扣除新冠项目的影响，2024 年公司非新冠收入同比增长 13.1%；2024 年公司实现毛利润 76.51 亿元， 同比增长 12.1%，对应毛利率达到 41.0%；2024 年公司实现净利润 39.45 亿元，同比增长 10.5%，对应净利率达到 21.1%；2024 年公司实现归母净 利润 33.56 亿元，同比下滑 1.3%，对应归母净利率达到 18.0%；2024 年公 司实现经调整归母净利润 47.84 亿元，同比增长 1.8%，对应经调整归母净 利率达到 25.6%。 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药明生物 (2269.HK) [Table_Author] 唐爱金 医药首席分析师 ...