Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (02268.HK) [1] Core Insights - The company reported strong performance in H1 2024, with revenue of RMB 1.665 billion (+67.6% YoY) and net profit of RMB 488 million (+175.5% YoY), exceeding expectations [3] - The North American market showed remarkable growth, with revenue of RMB 823 million (+123.9% YoY), accounting for 49.4% of total revenue [3] - The company has a total of 167 projects (+52% YoY) and a backlog of USD 842 million (+105.0% YoY), indicating strong future growth potential [4] - The report projects revenue for 2024-2026 to be adjusted to RMB 34.02 billion, RMB 48.07 billion, and RMB 63.12 billion, respectively, with net profit estimates raised to RMB 8.32 billion, RMB 11.87 billion, and RMB 15.82 billion [4] Revenue and Profit Forecast - Total revenue for 2022A was RMB 990.42 million, with projections of RMB 2,123.84 million for 2023A, RMB 3,402.42 million for 2024E, RMB 4,806.58 million for 2025E, and RMB 6,312.45 million for 2026E [2] - Net profit for 2022A was RMB 155.73 million, with projections of RMB 283.54 million for 2023A, RMB 831.89 million for 2024E, RMB 1,186.68 million for 2025E, and RMB 1,581.57 million for 2026E [2] Financial Ratios - The report indicates a projected P/E ratio of 24.29 for 2024E, 17.03 for 2025E, and 12.78 for 2026E, reflecting a favorable valuation trend [10] - The gross margin is expected to improve from 26.35% in 2023A to 32.60% in 2024E, indicating enhanced profitability [10]
药明合联：年中报点评：业绩超预期，ADCCRDMO龙头增长强劲且有望持续