Core Viewpoint - WuXi AppTec (02268) has shown significant financial growth, with a 277% increase in net profit year-on-year, driven by strong order reserves and demand for ADC drugs [1][2] Financial Performance - For the year 2024, WuXi AppTec reported revenues of approximately 4.052 billion yuan, representing a year-on-year growth of 90.8% [1] - Gross profit reached about 1.24 billion yuan, up 121.6% compared to the previous year [1] - The net profit attributable to shareholders was approximately 1.07 billion yuan, marking a 277.2% increase year-on-year [1] - Adjusted net profit grew by 184.8% to 1.174 billion yuan [1] Order Reserves - As of the end of 2024, the total amount of unfulfilled orders reached 991 million USD, reflecting a year-on-year growth of 71% [1] - The new contract amount and the growth rate of unfulfilled orders are in sync, with unfulfilled orders in North America increasing by over 100% year-on-year [1] Market Outlook - Nomura anticipates continued strong growth in fiscal year 2025 due to robust global demand for ADC drugs [1] - Based on the strong performance in 2024 and management guidance, the adjusted net profit forecast for 2025-26 has been raised by 7-10% [2] - The DCF target price has been adjusted to 51 HKD, with a focus on the progress of commercial orders and BLA submissions [2] - The company signed 53 new orders in 2024, indicating rapid expansion in the North American market and highlighting the ongoing high demand in the ADC development outsourcing industry [2]
港股异动 | 药明合联(02268)涨超4% 去年纯利同比大增277% 公司订单储备充足