Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec, indicating strong growth potential and performance expectations [2][3]. Core Insights - WuXi AppTec reported a significant increase in revenue, achieving 1.665 billion RMB in the first half of 2024, representing a year-on-year growth of 67.6%. Gross profit reached 535 million RMB, up 133.4%, and net profit was 488 million RMB, reflecting a 175.5% increase [1]. - The company signed 26 new comprehensive projects, bringing the total to 167, a 51.8% increase year-on-year. The number of late-stage clinical projects rose to 29, including 9 projects in the PPQ stage, which are expected to submit BLA for commercialization in 2024 and beyond [1]. - The company’s revenue from IND pre-service was 654 million RMB, up 76.3%, while IND post-service revenue was 1.011 billion RMB, a 62.5% increase. The proportion of IND post-service revenue is expected to rise as more projects enter late-stage development [1]. - The company’s order backlog reached 842 million USD, a 105.0% increase year-on-year, with a total of 419 clients, including 13 of the top 20 global pharmaceutical companies, contributing to 28.9% of total revenue [2]. Financial Summary - Revenue projections for 2024-2026 are 3.256 billion RMB, 4.723 billion RMB, and 6.377 billion RMB, with year-on-year growth rates of 53.3%, 45.0%, and 35.0% respectively. Net profit is expected to be 786 million RMB, 1.188 billion RMB, and 1.672 billion RMB for the same years, with corresponding growth rates of 177.1%, 51.2%, and 40.7% [3][9]. - The company’s P/E ratios are projected to decrease from 26 in 2024 to 12 in 2026, indicating improving valuation metrics as earnings grow [3][9].
药明合联：2024年半年报点评：业绩、订单强劲增长，产能释放下盈利能力显著改善