药明合联：合力创新，联动未来-20250303

Investment Rating - The report initiates coverage with a "Buy" rating for WuXi AppTec (02268.HK) [4] Core Viewpoints - The ADC (Antibody-Drug Conjugate) industry is experiencing rapid growth, driven by technological advancements and increased commercialization opportunities [1][27] - The company is positioned as a leading global ADC CRDMO (Contract Research, Development, and Manufacturing Organization) service provider, offering comprehensive end-to-end services that accelerate drug development [2][13] - The company's strategic focus on enhancing its service capabilities and expanding its global footprint is expected to drive sustained revenue growth [3][4] Summary by Sections Company Overview - WuXi AppTec is recognized as a global leader in the ADC CRDMO sector, providing integrated services from drug discovery to production [13] - The company has achieved significant revenue growth, with a CAGR of 180.7% from 2020 to 2023, and is expected to continue this trend [18] ADC Industry Insights - The ADC market has seen substantial growth, with the global market size increasing from $2 billion in 2018 to $10.4 billion in 2023, reflecting a CAGR of 39.1% [27] - The report highlights the increasing number of ADC candidates entering clinical trials, indicating a robust pipeline and future growth potential [31] Business Strategy and Growth - The company employs an "Enable-Follow-Win" strategy to foster innovation and expand client relationships, resulting in a diversified customer base with nearly 70% of revenue coming from North America and Europe [3] - The establishment of new production facilities, including a factory in Singapore expected to be operational by late 2025, will enhance the company's clinical trial and commercialization capabilities [2][4] Financial Projections - The company forecasts significant profit growth, with net profits projected to reach 1.03 billion yuan in 2024, 1.48 billion yuan in 2025, and 1.91 billion yuan in 2026, representing growth rates of 264%, 43%, and 29% respectively [4][5] - Revenue is expected to grow from 2.12 billion yuan in 2023 to 5.57 billion yuan in 2025, indicating a strong upward trajectory [5]