WuXi AppTec(603259) 信达证券·2025-03-18 07:30Investment Rating - The report maintains a positive outlook for WuXi AppTec, indicating a potential for double-digit growth in 2025 [2][3]. Core Insights - The company achieved a revenue of 39.24 billion yuan in 2024, a decrease of 2.7% year-on-year, but a 5.2% increase when excluding COVID-19 commercialization projects. The net profit attributable to shareholders was 9.45 billion yuan, down 1.6% year-on-year, while the adjusted net profit increased by 2.5% to 9.99 billion yuan [1][2]. - The revenue for Q4 2024 was 11.54 billion yuan, reflecting a quarter-on-quarter growth of 10.3% and a year-on-year growth of 6.9%. The adjusted net profit for Q4 was 3.24 billion yuan, up 20.4% year-on-year [2][3]. - The company expects revenue from continuing operations to return to double-digit growth in 2025, with a projected revenue of 41.5 to 43 billion yuan, representing a growth of 10% to 15% [2][3]. Summary by Sections Financial Performance - In 2024, the company reported quarterly revenues of 7.98 billion yuan, 9.26 billion yuan, 10.46 billion yuan, and 11.54 billion yuan, with adjusted net profits of 1.91 billion yuan, 2.46 billion yuan, 2.97 billion yuan, and 3.24 billion yuan respectively [2]. - The total revenue for 2024 was 39.24 billion yuan, with a year-on-year growth rate of -2.7%. The adjusted net profit was 10.58 billion yuan, down 2.5% year-on-year [1][2]. Business Segments - The chemical business generated 29.05 billion yuan in 2024, a slight decline of 0.4%, but a growth of 11.2% when excluding specific commercialization projects. The TIDES business saw a significant revenue increase of 70.1% to 5.8 billion yuan [3][4]. - The testing business reported a revenue of 5.67 billion yuan, down 4.8% year-on-year, primarily due to a decline in order prices [4][5]. - The biological business achieved a revenue of 2.54 billion yuan, with a 29.9% growth in non-tumor-related areas [5][6]. Future Outlook - The company plans to increase capital expenditures to 7 to 8 billion yuan in 2025, focusing on expanding global D&M capacity [7]. - Revenue projections for 2025 to 2027 are 42.32 billion yuan, 47.08 billion yuan, and 52.24 billion yuan respectively, with net profits expected to reach 11.02 billion yuan, 12.50 billion yuan, and 14.09 billion yuan [8][9].