Core Viewpoint - WuXi AppTec has emerged as a leader in the global XDC outsourcing service industry, providing comprehensive R&D and production services from its Wuxi base and expanding to Singapore [1][2]. Industry Summary - The global XDC market is experiencing rapid growth, with the ADC market also expanding significantly. The growth rate in the Chinese market surpasses the global average, driven by advancements in technology that address efficacy and safety issues of ADC drugs [1][2]. - In 2024, 60% of new XDC trials globally will be initiated by Chinese companies, highlighting China's active role in the licensing of XDC-related drugs [2]. Company Summary - WuXi AppTec's total revenue is projected to grow from 311 million yuan in 2021 to 4.052 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 135% [2]. - As of the first half of 2025, the company has 19 projects in Phase III clinical trials and 11 in the PPQ stage, with a backlog of orders amounting to 1.329 billion USD, a 58% year-on-year increase [2][3]. - The company is investing heavily in capital expenditures, with over 1.5 billion yuan planned for 2024 and an expected total of over 7 billion yuan from 2026 to 2029 to support R&D and commercial production [3]. - WuXi AppTec is at the forefront of XDC innovation, developing competitive technology platforms such as WuXiDARx conjugation platform and X-LinC linker platform [3]. - The company is rated as a "buy" with a target price of 74.0 HKD, with projected revenue growth of 45.7%, 35.7%, and 30.9% for 2025E, 2026E, and 2027E respectively [3].
药明合联(2268.HK)：快速成长的全球XDC领导者