国信证券：CXO投融资整体呈现回暖趋势 关注新分子产业链投资机会

Group 1: Industry Overview - The domestic preclinical CRO, clinical CRO, and CDMO business prices have stabilized, with new orders gradually recovering, indicating a potential industry turnaround [1] - In the international CDMO sector, the pricing system remains reasonable, and the impact of high pandemic baselines has been absorbed [1] - Chinese companies possess comprehensive advantages in small molecule CRDMO due to talent dividends, chemical capabilities, compliant production capacity, and intellectual property protection [1] Group 2: Large Molecule CDMO - Major domestic companies include WuXi Biologics and WuXi AppTec, while international players include Lonza, Samsung Biologics, and Fujifilm [2] - Samsung Biologics is expected to have a revenue growth rate of 19-25% for 2024, surpassing WuXi Biologics' guidance of 12-15% [2] - The order growth for Samsung Biologics exceeds that of WuXi Biologics, indicating intense competition in the large molecule CDMO sector [2] Group 3: Small Molecule CDMO - Key domestic companies include WuXi AppTec, Kelun Pharmaceutical, and Boteng Pharmaceuticals, with over 70% of their business overseas [3] - WuXi AppTec's order backlog is expected to grow by 47% year-on-year by the end of 2024, ensuring mid-term performance [3] - Capital expenditure among domestic companies shows divergence, with some leaders like WuXi AppTec expected to increase spending [3] Group 4: Clinical/Preclinical CRO - Major domestic companies include Tigermed, Pruis, and Medpace, with a high proportion of domestic business [4] - Both domestic and international CROs are currently in an adjustment phase, with 2022-2023 funding challenges impacting 2024 performance [4] - Domestic order prices have bottomed out, with a growth trend in order volume and value since 2025 [5]