Core Viewpoint - Zhong Postal Securities initiates coverage on WuXi AppTec (02268) with a "Buy" rating, highlighting strong revenue and profit growth in the first half of 2025 [1] Financial Performance - The company reported revenue of 2.7 billion RMB in the first half of 2025, representing a year-on-year increase of 62.2% [1] - Net profit reached 750 million RMB, up 52.7% year-on-year [1] Project Development - As of the end of the first half, the total number of iCMC projects reached 225, with 37 new iCMC projects signed in the first half, marking a historical high [1] - The company has 11 PPQ projects, with 3 new contracts signed in the first half [1] Order Backlog - The total uncompleted order amount stood at 1.33 billion USD, reflecting a year-on-year growth of 57.9% [1] - New contract value increased by 48.4% year-on-year, with North America showing growth rates surpassing other regions [1] Market Position and Growth Projections - The company is a leading global ADCCXO enterprise with a comprehensive R&D technology platform, continuously expanding its client base and project numbers [1] - Revenue projections for 2025 to 2027 are 5.75 billion, 7.83 billion, and 10.17 billion RMB, with year-on-year growth rates of 42%, 36%, and 30% respectively [1] - Net profit forecasts for the same period are 1.6 billion, 2.26 billion, and 3.02 billion RMB, with growth rates of 50%, 41%, and 34% respectively [1]
中邮证券：首次覆盖药明合联(02268)予“买入”评级