Xin Lang Cai Jing·2025-07-30 07:16Core Viewpoint - WuXi AppTec reported a significant increase in net profit for the first half of the year, indicating strong business growth and a solid order backlog [1] Financial Performance - The company achieved a net profit attributable to shareholders of 8.561 billion yuan, representing a year-over-year increase of 101.92% [1] - In Q2 2025, the net profit reached 4.89 billion yuan, with a year-over-year growth of 112.78%, exceeding market expectations [1] Order Backlog - As of June 30, 2025, the company's order backlog stood at 56.69 billion yuan, reflecting a year-over-year increase of 37.2%, showcasing robust business development [1] Capacity Expansion - The company is actively expanding its production capacity, with projections indicating that by the end of 2025, the total volume of small molecule API reaction vessels will exceed 4 million liters, and the total volume of peptide solid-phase synthesis reaction vessels will increase to over 100,000 liters [1] Market Position - WuXi AppTec is recognized as a leading one-stop CXO service provider, maintaining stable performance [1] Profit Forecast - Due to rapid growth in TIDES-related performance and capacity, improved gross margins, and one-time gains from the sale of WuXi XDC shares, the net profit forecasts for 2025-2027 have been raised to 15.14 billion, 15.54 billion, and 18.02 billion yuan, respectively, with increases of 37.9%, 24.1%, and 27.3% [1] Valuation Metrics - The corresponding price-to-earnings (PE) ratios for A-shares for 2025-2027 are projected to be 19, 18, and 16 times, while for H-shares, they are expected to be 19, 19, and 16 times [1] - The company maintains a "Buy" rating [1]