WuXi AppTec(603259) 民生证券·2025-03-19 10:23Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec (603259.SH) with a target price of 70.00 CNY [7][8]. Core Insights - WuXi AppTec reported a total revenue of 39.24 billion CNY for 2024, a decrease of 2.7% year-on-year, but a 5.2% increase when excluding COVID-19 related revenue. The adjusted net profit was 10.58 billion CNY, down 2.5% year-on-year [3][4]. - The company experienced a strong recovery in the fourth quarter of 2024, with revenue reaching 11.54 billion CNY, a year-on-year increase of 6.9% and a quarter-on-quarter increase of 10.3%. The net profit attributable to shareholders was 2.92 billion CNY, up 90.6% year-on-year [4][5]. - The outlook for 2025 is positive, with expected revenue growth of 10-15%, reaching 41.5-43.0 billion CNY, driven by strong demand in the US and European markets for new drug development [4][5]. Summary by Sections Financial Performance - In Q4 2024, WuXi AppTec's revenue was 11.54 billion CNY, with a year-on-year growth of 6.9% and a quarter-on-quarter growth of 10.3%. The net profit for the same period was 2.92 billion CNY, reflecting a significant recovery [4]. - For the full year 2024, the company achieved a revenue of 39.24 billion CNY, with a net profit of 9.45 billion CNY [3][9]. Business Segments - The CRDMO business line showed resilience, with WuXi Chemistry generating 29.05 billion CNY in revenue, a slight decline of 0.4% year-on-year, while non-COVID revenue increased by 11.2% [6]. - The TIDES business segment experienced substantial growth, with revenue reaching 5.80 billion CNY, a year-on-year increase of 70.1% [6]. Future Projections - The company anticipates a capital expenditure of 40.0 billion CNY for 2024, with expectations to increase this to 70-80 billion CNY in 2025, indicating strong growth confidence [5][6]. - The forecast for net profit for 2025 is projected at 11.43 billion CNY, with a corresponding PE ratio of 18 [9][10].