Core Viewpoint - WuXi AppTec (02268) is positioned to become a core global supplier in the XDCCDMO sector, leveraging domestic engineering advantages and integrated service capabilities, with projected revenues of 60.3 billion, 82.1 billion, and 107.7 billion CNY for 2025-2027, respectively, and corresponding EPS of 1.27, 1.74, and 2.37 CNY, leading to a "buy" rating from Huaxi Securities [1][2] Group 1: ADC Market Growth - The ADC (Antibody-Drug Conjugates) research and development sector is experiencing significant activity, with the ADC CDMO market expected to exceed 10 billion USD by 2030 [1] - As of the first half of 2025, there are 2,167 global XDC pipelines, a 43.5% year-on-year increase, with 461 novel ADC pipelines, reflecting an 87.4% growth [1] - The total revenue from ADC products is projected to reach 13.6 billion USD in 2024, marking a 35% year-on-year increase, with a CAGR of 37% from 2020 to 2024 [1] Group 2: Company Positioning and Growth - WuXi AppTec has established itself as a core supplier in the global CMC (Chemistry, Manufacturing, and Controls) business, servicing 30%-35% of global XDC clinical pipelines as of the first half of 2025 [2] - The company is expected to maintain high growth in the short term due to a strong upward trend in its pipeline and ongoing capital expenditures [2] - With 19 Phase III projects and 11 PPQ projects, and partnerships with 13 of the top 20 global pharmaceutical companies, WuXi AppTec is poised to deliver significant commercial products in the coming years, contributing to core performance [2]
华西证券:首予药明合联(02268)“买入”评级 强资本开支为未来业绩增长增添确定性