药明合联(02268.HK)深度研究报告：蓄势待发 全球领先的XDCCRDMO有望进入商业化收获期

Core Viewpoint - The company is poised to enter a commercialization phase in the global XDC CRDMO market, leveraging its end-to-end integrated bioconjugate drug CRDMO service capabilities and industry-leading technology platform [1] Group 1: Company Positioning - WuXi AppTec is solidifying its leading position in the global bioconjugate drug CRDMO sector, with a steady increase in the number of projects, particularly in the critical pre-commercialization phase of PPQ (Process Performance Qualification) [1] - The company has a strong technical foundation with proprietary technologies such as WuXiDARx and X-LinC, enhancing its capabilities in conjugation technology and payload synthesis [3] Group 2: Market Trends - The bioconjugate drug industry, particularly ADCs, is experiencing rapid growth, with projections indicating that global ADC sales could reach $66.2 billion by 2030 [2] - The outsourcing rate for ADC drugs is expected to remain high at around 60%, with WuXi AppTec projected to capture over 24% of the global ADC outsourcing market by 2025 [2] Group 3: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are estimated at 59.22 billion, 80.11 billion, and 104.61 billion yuan, reflecting year-on-year growth rates of 46.1%, 35.3%, and 30.6% respectively [4] - Net profit attributable to the parent company is projected to be 14.81 billion, 19.89 billion, and 26.00 billion yuan for the same period, with growth rates of 38.5%, 34.3%, and 30.7% [4]