Investment Rating - The investment rating for WuXi AppTec (02268.HK) is "Buy" (maintained) [2] Core Views - The company has shown impressive performance in H1 2024, with revenue reaching 1.7 billion HKD, a year-on-year increase of 65.05%, and a net profit of 488 million HKD, up 175.50% year-on-year. The adjusted net profit was 534 million HKD, reflecting a growth of 146.63% [5] - The total unfulfilled orders amounted to 842 million USD, representing a year-on-year growth of approximately 105.0%, which is expected to support the company's future performance [5] - The company is positioned as a leader in the global antibody-drug conjugate (ADC) CRDMO services market, with an upward revision of profit forecasts for 2024-2026 [5] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.7 billion HKD, a 65.05% increase year-on-year, and a net profit of 488 million HKD, up 175.50% year-on-year. The adjusted net profit was 534 million HKD, reflecting a growth of 146.63% [5] - The number of clients served reached 419, with 13 out of the top 20 global pharmaceutical companies collaborating with the company [5] Order and Project Growth - The company has a total of 167 projects, a 51.8% increase year-on-year, with 26 new projects signed. There are 138 preclinical and phase I projects, and 29 phase II and later projects, including 9 PPQ projects expected to submit BLA in 2024 and beyond [6] - The strategy of "Empower, Follow, and Win Molecules" has successfully driven rapid project growth [6] Global Capacity Expansion - The company has established three operational bases in Wuxi, Changzhou, and Shanghai, creating a concentrated product R&D and supply chain system. The Wuxi base has achieved a significant milestone in "one-stop" production for ADCs, simplifying the supply chain and significantly shortening production cycles [7] - The new Singapore production base is expected to commence operations in 2026, further enhancing global capacity [7] Revenue Breakdown - In H1 2024, revenue from North America, China, Europe, and other regions was 790 million HKD, 488 million HKD, 295 million HKD, and 93 million HKD, respectively, with year-on-year growth rates of 172.19%, 3.57%, 38.07%, and 392.73% [7]
药明合联：港股公司信息更新报告：业绩表现持续亮眼，充沛订单或保障未来高增长