Investment Rating - The investment rating for WuXi AppTec (02268.HK) is "Outperform the Market" [3][10]. Core Insights - The company reported strong growth in revenue and profit for the first half of 2024, with a main business revenue of 1.665 billion yuan (+67.6%) and a net profit attributable to shareholders of 488 million yuan (+175.5%) [4][10]. - The gross margin improved to 32.15% (+9.1 percentage points) and the net margin reached 28.72% (+11.5 percentage points), indicating significant enhancement in profitability [4][10]. - The number of ongoing projects increased to 705 (+23.7% compared to the end of 2023), with a total order amount of 842 million USD (+104.9%) [7][10]. - The company is expanding its production capacity globally, with significant developments in its Wuxi, Shanghai, and Singapore bases [9][10]. Summary by Sections Financial Performance - In H1 2024, the company achieved a main business revenue of 1.665 billion yuan, a year-on-year increase of 67.6%, and a net profit of 488 million yuan, up 175.5% [4][10]. - Non-IFRS adjusted net profit was 534 million yuan (+146.6%) [4]. - The gross margin was 32.15% (+9.1 percentage points) and the net margin was 28.72% (+11.5 percentage points) [4]. Order and Client Growth - The total number of ongoing projects reached 705, an increase of 23.7% from the end of 2023, with 167 integrated projects [7][10]. - The company secured 26 new projects in H1 2024, and the total order amount was 842 million USD, reflecting a growth of 104.9% [7][10]. - The number of clients increased to 419, with 13 clients being among the top 20 global pharmaceutical companies [7][10]. Technological Advancements - The company developed over 11,000 conjugated molecules in H1 2024, including more than 1,800 payload linkers and 1,200 protein molecules [9]. - The self-developed technology has evolved from WuXi DAR4 to WuXi DARX, now supporting various conjugation forms [9]. Capacity Expansion - The Wuxi base achieved a full-process "one-stop" production capability, and additional production lines are under construction [9][10]. - The Shanghai base is expanding its discovery and process development laboratories to meet increasing R&D demands [9][10]. - The Singapore base is under construction and is expected to be operational by late 2025 to early 2026 [9][10].
药明合联：2024年半年报点评：业绩、订单强势增长，产能持续提升