Investment Rating - The report maintains an "Accumulate" rating for WuXi Biologics (2269) [4][5]. Core Views - The company is actively advancing its "Winning Molecules" strategy, with new projects exceeding expectations and strong growth momentum in non-COVID business. The overseas capacity is continuously being established, indicating a positive long-term outlook for the company [4][5]. Financial Summary - Revenue for 2023 is projected at 17,051 million RMB, with a growth rate of 12% compared to the previous year. The revenue for 2024 is expected to grow by 5% to 20,521 million RMB, and by 18% to 24,282 million RMB by 2026 [4]. - Adjusted net profit for 2024 is revised down to 49.19 billion RMB, with EPS adjusted to 1.18 RMB [5]. - The gross profit margin is reported at 39.07%, reflecting a decrease of 2.9 percentage points due to reduced milestone revenue and the ramp-up of new facilities [5]. Project and Capacity Growth - In the first half of 2024, the company added 61 new projects, with a total of 201 billion USD in uncompleted orders, supporting future revenue growth [5]. - The North American region saw a revenue increase of 27.3%, accounting for 58.4% of total revenue, highlighting strong customer retention [5]. Market Performance - The current stock price is reported at 11.22 HKD, with a 52-week price range between 10.26 and 51.00 HKD [3][4].
药明生物2024H1点评：新增项目持续增长，维持24全年指引