优源控股：药明合联（02268）：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

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, indicating strong growth potential and performance exceeding expectations [2][4]. Core Insights - WuXi AppTec reported a significant increase in revenue, achieving 1.665 billion RMB in the first half of 2024, 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 [2]. - The company signed 26 new comprehensive projects, bringing the total to 167, a 51.8% increase year-on-year. This includes 29 late-stage clinical projects, with 9 expected to enter commercial production in 2024 and beyond [2]. - The 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 advance [2]. - The company is expanding its production capacity, with a new mAb/DS dual-function production line in Wuxi and a second line expected to be operational by Q4 2024. The Singapore facility is also under construction, aimed at meeting overseas ADC capacity demands [3]. - The order backlog reached 842 million USD, a 105.0% increase year-on-year, with a total of 419 clients served, including 13 of the top 20 global pharmaceutical companies [3]. Financial Summary - Revenue projections for 2024-2026 are 3.256 billion RMB, 4.723 billion RMB, and 6.377 billion RMB, with 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 period [4][11]. - 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 [4][11].