这个情况是因为我们公司的全基地系统在每份基地到期后会移动为所有的可能卖员的股票用于cover他们的个人税这是进行自动的一个设置而且是适用于我们公司所有的员工并非周总和周总自己的一个个人卖员的一个行为这个请大家跟大家澄清一下 第二个是因为最近的市场非常的敏感,而且监管机构对合规的行为将会更加严格,恳请大家不要将接下来的Q&A的内容对外传播,谢谢大家 感谢王立强博士来自天津的投资者我想提两个问题第一个问题就是说因为现在邀请之后由于这个地缘政治的原因受到美国的法案影响然后我们的水值从高峰的五六千亿港元港币的话现在已经跌到了低于五百亿港元 因为之前我们管理层一直在持续地检测而有13次的检测然后我们从这个账户的70%现在降到了可能百分之十几我就想到了就是作为投资者的话我们很看好这个药瓶生物股未来的发展因为上周我也参加了药瓶康格的这个会康格的这个管理层和美国之所以是采用我们药瓶是因为我们太优秀了 那我觉得我们在作为这个生物大户的方面我们要比这个化学的这个分子团更有这个未来的发展和优势作为投资者更看好我们药品的发展但是因为之前我们管理层一直在减持而且现在实质特别低我想问一下管理层我们会不会像我比较担心的就是说在这种这个 估 ...

Summary of Conference Call Transcript Company/Industry Involved - The discussion pertains to the company's stock management practices and compliance with regulatory requirements. Core Points and Arguments - The company has an automatic system in place that sells a portion of stock for all employees to cover their personal income tax obligations. This is a standard procedure applicable to all employees, not a personal decision by individuals [1] - There is heightened sensitivity in the market recently, and regulatory bodies are closely monitoring compliance behaviors [1] Other Important but Possibly Overlooked Content - The clarification regarding the automatic stock sale is crucial to prevent misunderstandings about individual stock selling actions by employees [1]

Investment Rating - The report maintains a "Neutral" rating for WuXi Biologics (2269 HK) with a target price adjusted to HKD 13.00 [2][10]. Core Views - The company's performance for 2024-25 is expected to fall short of expectations due to a decline in R&D spending from domestic innovative drug companies and uncertainties surrounding the U.S. Biologics Safety Act, which may affect long-term orders from U.S. clients [1][2]. - The report highlights that the U.S. House of Representatives has passed a milder version of the Biologics Safety Act, which allows an 8-year transition period for U.S. pharmaceutical companies to phase out collaborations with the company, but the long-term trend remains towards a gradual exit starting in 2028 [1][2]. Financial Summary - Total revenue for 2024 is projected at RMB 17,963 million, with a growth rate of 5.5% compared to 2023 [3][8]. - Shareholder net profit is expected to be RMB 3,666 million in 2024, reflecting a growth rate of 7.8% [3][8]. - Adjusted net profit for 2024 is forecasted at RMB 4,778 million, with a growth rate of 1.7% [3][8]. - The company’s revenue from the U.S. is projected to account for 47.4% of total revenue in 2023, indicating significant reliance on the U.S. market [2][3]. Adjustments and Projections - Revenue forecasts for 2024 and 2025 have been reduced by 7.1% and 12.4%, respectively, while shareholder net profit estimates have been lowered by 16.2% and 18.3% for the same periods [1][2]. - The report adjusts the DCF model's perpetual growth rate assumption to 1.0% due to concerns about the company's long-term outlook [2][3].

Financial Performance - Revenue grew by 11.6% year-on-year to RMB 17,034.3 million, with non-COVID revenue increasing by 37.7%[7] - The company's revenue for the year 2023 reached RMB 17,034.3 million, representing a year-on-year growth of 11.6%[16] - Non-COVID revenue surged by 37.7% year-on-year, while revenue from late-stage and commercial production projects increased by 101.7%[16] - The company achieved a gross profit of RMB 6,827.9 million, reflecting a year-on-year increase of 1.5%[16] - The adjusted net profit attributable to the company’s owners decreased by 4.6% to RMB 4,698.9 million[16] - Net profit decreased by 21.5% from approximately RMB 4,549.9 million for the year ended December 31, 2022, to approximately RMB 3,570.6 million for the year ended December 31, 2023, with a net profit margin dropping from 29.8% to 21.0%[49] - Basic earnings per share fell by 22.6% from RMB 1.06 for the year ended December 31, 2022, to RMB 0.82 for the year ended December 31, 2023[50] - The group's gross profit increased by 1.5% from approximately RMB 6,724.0 million for the year ended December 31, 2022, to approximately RMB 6,827.9 million for the year ended December 31, 2023, while the gross profit margin decreased from 44.0% to 40.1%[39] Project and Order Growth - The total number of projects increased to 698, with 132 new projects added in 2023[7] - The total unfulfilled orders reached $20.592 billion as of December 31, 2023[7] - The total number of ongoing projects increased from 588 to 698, including a record 132 new projects added during the year[14] - The number of commercial production projects reached 24 by the end of the reporting period[9] - The number of commercial production projects increased from 17 to 24, with nine new late-stage and commercial production projects added, marking a historical high[14] Cash Flow and Financial Stability - The company maintained positive free cash flow, supporting capacity enhancement and investment in cutting-edge technologies[7] - The company maintained a positive free cash flow, providing a solid financial foundation for sustainable growth[16] - The total value of unfinished orders grew to USD 20,592 million, including USD 13,398 million in service orders and USD 7,194 million in potential milestone payments[16] - The company's bank balances and cash, along with time deposits, increased by 49.4% from approximately RMB 6,699.7 million to approximately RMB 10,009.8 million, primarily due to net proceeds from the independent listing of WuXi AppTec[64] Regulatory and Quality Assurance - The company has completed 33 regulatory inspections by global authorities since 2017, with no major issues found[9] - The company has successfully passed multiple regulatory assessments from agencies such as the US FDA, EU EMA, and China's NMPA under the guidance of its senior vice president of global quality[90] - The company has established a robust business continuity management system to address potential disruptions from natural disasters and pandemics[109] Research and Development - The company enabled 110 new drug clinical trials (IND) and launched new technology platforms during the reporting period[8] - The CRDMO platform has enabled the company to empower 110 INDs during the reporting period[19] - The proprietary WuXiaTM platform has delivered over 800 cell lines, including five commercialized products, and can support 150 integrated CMC projects annually[20] - The company has made significant improvements in its single B cell cloning technology, enhancing the generation of therapeutic antibody leads[18] - The company has a strong pipeline with over 20 U.S. patents and 40 publications co-authored by Dr. Gu, indicating robust research and development efforts[86] Market Expansion and Partnerships - The company is expanding regional operations in the US, Ireland, Germany, and Singapore, with significant capacity increases announced[9] - The company has established partnerships with the top 20 global pharmaceutical companies, expanding its diverse customer base significantly[16] - The company aims to enhance operational efficiency and scale through WBS, accelerating the discovery, development, and production of global biopharmaceuticals[30] Leadership and Governance - Dr. Chen Zhisheng has been appointed as the Executive Director and CEO since February 2014, with extensive experience in biopharmaceutical development and production[76] - The company is focused on expanding its board with experienced professionals from diverse backgrounds to enhance governance and strategic direction[81][82][83][84] - The board consists of a balanced mix of executive and independent non-executive directors, ensuring strong independence and effective decision-making[155] - The company has established a board independence assessment mechanism since 2022 to ensure strong independence and effective judgment by the board[162] Environmental, Social, and Governance (ESG) - The company received recognition for its ESG achievements, including inclusion in the Dow Jones Sustainability World Index and an MSCI AAA rating[10] - The company has joined the Science Based Targets initiative (SBTi) and established a dedicated DEI committee, enhancing its ESG performance recognition[25] - The environmental, social, and governance (ESG) committee conducted one meeting to review the company's ESG practices and carbon emissions updates during the reporting period[186] Shareholder Management and Corporate Actions - The company has not declared any final dividends for the year ended December 31, 2023[138] - The company has a pre-IPO share option plan that allows for the issuance of up to 155,223,409 shares, representing approximately 3.64% of the total issued shares[7] - The company has implemented stock option plans for employees under WuXi XDC and WuXi Vaccines, resulting in the cancellation of unvested restricted shares[128] - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[200] Risk Management - The company emphasizes a robust risk management system to evaluate significant risks, including operational, financial, and regulatory risks[101] - The company has established a risk management mechanism to support effective decision-making aligned with its mission and vision[189] - The board confirmed its responsibility for the effectiveness of risk management and internal control systems, which aim to manage risks rather than eliminate them[188]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 18.5, indicating a potential upside of 29.3% from the current price of HKD 14.34 [3][4]. Core Insights - The company's adjusted net profit attributable to shareholders decreased by 4.6% year-on-year in 2023, with total revenue increasing by 11.6% to RMB 17.034 billion. Non-COVID revenue rose by 37.7% to RMB 16.51 billion, while COVID-related revenue decreased by 83.9% to RMB 0.53 billion [2][3]. - The gross profit margin declined by 3.9 percentage points to 40.1% due to the ramp-up of new overseas production facilities. Other income fell significantly from RMB 7.7 billion in 2022 to RMB 0.4 billion in 2023 due to reduced foreign exchange gains and losses in fair value of equity investments [2][3]. - The company reported a total of 698 projects in 2023, an increase of 132 projects, with a notable rise in monoclonal antibody projects and ADC projects [2][3]. Financial Summary - Revenue for 2023 was RMB 17,034 million, with a growth rate of 11.6%. The adjusted net profit was RMB 34.0 billion, reflecting a year-on-year decline of 23.1% [2][4]. - The company’s net cash position at the end of 2023 was RMB 9.1 billion, with free cash flow reported at RMB 0.6 billion [2][3]. - The projected revenue for 2024 is RMB 17,895 million, with expected growth rates of 5.1% [4]. Capacity and Production - The company's production capacity reached 276,000 liters in 2023, with expectations to increase to 610,000 liters. Approximately 40% of the capacity is located overseas to mitigate geopolitical risks [3][4]. - The Irish facility is expected to achieve significant commercial production and break-even by 2024, with full capacity anticipated by 2025 [3][4]. Market Position and Risks - The company has a total order volume of USD 20.6 billion, with a slight decrease in unfulfilled service orders by 1% year-on-year [2][3]. - Concerns regarding the company's future CMO business due to potential policy uncertainties in the U.S. market are noted, particularly with the Senate's proposed Biosecurity Act [3][4].

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[药I Tnaf 明bol]e 生_Ti物tle]（ 2269） [评Tab级le_：Inv est] 增持 当前价格（港元）： 14.30 业绩符合预期，海外产能逐步落地 2024.04.01 海 ——药明生物2023 年报点评 [ 交Ta易bl数e_M据a rket] 外 丁丹(分析师) 吴晗(分析师) 52周内股价区间（港元） 13.04-54.80 当前股本（百万股） 4,259 公 0755-23976735 010-83939773 当前市值（百万港元） 60,897 司 dingdan@gtjas.com wuhan024878@gtjas.com 证书编号 S0880514030001 S0880523080005 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司非新冠业务收入165.06亿元，同比增长37.7%，海外投融资持续回暖，新增项目 药明生物 恒生指数 香 数超预期，海外产能陆续落地，看好公司长期发展，维持“增持”评级。 13% 摘要： 港 -4% [T a ...

60 非新冠业务持续快速增长，静待行业逐步恢复 药明生物（2269.HK）/医药生物 证券研究报告/公司点评 2024年04月07日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格： 13.36港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 15268.7 17034.3 17979.7 20749.5 24523.2 分析师：祝嘉琦 增长率yoy% 48.4% 11.6% 5.6% 15.4% 18.2% 执业证书编号：S0740519040001 净利润（百万元） 4420.3 3399.7 3523.5 4295.7 5295.4 电话：021-20315150 增长率yoy% 30.4% -23.1% 3.6% 21.9% 23.3% 每股收益（元） 1.04 0.80 0.83 1.01 1.24 Email：zhujq@zts.com.cn 每股现金流量 1.51 1.36 1.45 1.67 1.92 分析师：崔少煜 净资产收益率 12.4% 8.4% 7. ...

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].

Investment Rating - The investment rating for WuXi Biologics (02269.HK) is "Buy" (maintained) [2][5][12] Core Views - Non-COVID business shows robust growth, with total revenue for 2023 reaching 17.051 billion yuan, a year-on-year increase of 11.5%. Non-COVID projects generated revenue of 16.506 billion yuan, up 37.7% year-on-year [5][6] - The company has a strong order backlog, with total unfulfilled orders increasing to 20.592 billion USD by the end of 2023, providing a solid foundation for future revenue growth [5][6] - The company is accelerating its global capacity expansion, with significant growth in its European operations, which have become the fastest-growing market for the company [7] Financial Summary - Revenue for 2023 was 17.051 billion yuan, with a net profit of 3.400 billion yuan, reflecting a year-on-year decline of 23.1%. Adjusted net profit was 4.699 billion yuan, down 4.6% [5][8] - The projected net profits for 2024-2026 are 4.047 billion yuan, 5.047 billion yuan, and 6.257 billion yuan respectively, with corresponding EPS of 0.95, 1.19, and 1.47 yuan [5][8] - The company’s P/E ratios for 2024-2026 are projected to be 13.8, 11.1, and 9.0 times respectively, indicating a favorable valuation compared to its peers [5][8] Project and Market Development - As of the end of 2023, the company had a total of 698 projects, an increase of 18.7% year-on-year, with significant contributions from late-stage clinical and commercialization projects [6][7] - The company is building a CRDMO service center in Singapore with a designed capacity of approximately 120,000 liters, and its Irish facility is expected to reach breakeven in 2024 [7]