Core Insights - WuXi AppTec (02268.HK) reported a significant increase in net profit for 2024, soaring by 277% to RMB 1.07 billion, with total revenue reaching RMB 4.052 billion, a year-on-year growth of 90.8% [1][2] - The company maintains its revenue growth forecast of 35% for the current year, emphasizing the need to ensure this target is met [1][4] Financial Performance - For 2024, WuXi AppTec achieved a gross profit of RMB 1.24 billion, reflecting a growth rate of 121.6% [1] - The gross margin and adjusted net profit margin improved by 4.3 percentage points and 7.3 percentage points, respectively, attributed to enhanced production efficiency and cost control [3] Market Dynamics - The demand for Antibody-Drug Conjugates (ADC) continues to drive growth, with 60% of the ADC licensing deals exceeding USD 1 billion involving WuXi AppTec's clients [1][3] - The global ADC outsourcing market reached USD 2 billion in 2023 and is projected to grow to USD 11 billion by 2030, indicating a robust demand for ADC development and production services [6] Client Base and Growth - The number of clients increased from 265 in 2022 to 499 in 2024, with 32% of revenue coming from the top 20 global pharmaceutical companies [3] - The inquiry requests for iCMC projects in North America grew by 43%, contributing to a revenue share increase from approximately 40% in 2023 to 50% in 2024 [3] Strategic Focus - The company plans to focus on four key areas: advancing existing projects, launching the DP3 production line, concentrating on iCMC projects, and submitting BLA applications to regulatory authorities [5] - Despite concerns over competition from Japanese and Korean manufacturers, the management highlighted the ongoing tightness in global ADC capacity and the high technical barriers in transitioning from PPQ to commercialization [5]
直击业绩会｜药明合联2024年归母净利润“狂飙”277% 维持今年35%收入增幅预测不变