Core Viewpoint - 中邮证券 initiates coverage on WuXi AppTec with a "Buy" rating, highlighting strong growth in revenue and net profit for the first half of 2025 [1] Financial Performance - Company reported revenue of 2.7 billion yuan for the first half of 2025, representing a year-on-year growth of 62.2% [1] - Net profit reached 750 million yuan, showing a year-on-year increase of 52.7% [1] Project and Order Growth - Total number of iCMC projects reached 225, with 37 new iCMC projects signed in the first half of the year, marking a historical high [1] - The company has an unfulfilled order total of 1.33 billion USD, reflecting a year-on-year growth of 57.9% [1] - New contract amount increased by 48.4% year-on-year, with North America showing the highest growth rate compared to other regions [1] Market Position and Future Projections - Company is recognized as a leading global ADC CXO enterprise, with a comprehensive R&D technology platform [1] - Revenue projections for 2025 to 2027 are 5.75 billion, 7.83 billion, and 10.17 billion yuan, with year-on-year growth rates of 42%, 36%, and 30% respectively [1] - Net profit projections for the same period are 1.6 billion, 2.26 billion, and 3.02 billion yuan, with year-on-year growth rates of 50%, 41%, and 34% respectively [1]
研报掘金丨中邮证券：首予药明合联“买入”评级 预计今年净利润按年增长50%