Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve revenue and profit growth exceeding 85% and 260% respectively in 2024, driven by the strong development of the ADC industry and the company's leading position in the global ADC outsourcing market [2][3] - The company has a robust project pipeline with 681 drug discovery projects and 92 overall projects, indicating strong future revenue contributions from commercialized projects [3] - The global ADC market is projected to grow from $13.2 billion in 2024 to $66.2 billion by 2030, with the company expected to maintain a growth rate exceeding the industry average [3] Financial Summary - Total revenue is projected to grow from 2,124 million RMB in 2023 to 7,273 million RMB in 2026, reflecting a compound annual growth rate (CAGR) of 85.1% [3] - Net profit is expected to increase from 284 million RMB in 2023 to 2,054 million RMB in 2026, with a CAGR of 28.2% [3] - The gross margin is anticipated to improve from 26.3% in 2023 to 37.5% in 2026, indicating enhanced operational efficiency [3] Market Position and Strategy - The company has established a comprehensive production layout in Wuxi, enhancing its capacity to meet growing demand in the ADC sector [3] - The company has successfully commercialized one project and has eight ongoing PPQ projects, which are expected to contribute significantly to future revenues [3] - The company aims to enhance its global capacity with new production lines in Singapore expected to be operational by the end of 2025 [3]
药明合联：2024年营收利润超预期，长期增速有望超过ADC行业CAGR