WuXi AppTec(603259) 开源证券·2025-03-20 07:40Investment Rating - The investment rating for WuXi AppTec (药明康德) is "Buy" (maintained) [1] Core Insights - The company has shown a steady growth in backlog orders, indicating a recovery trend for the industry leader [1] - In 2024, the company achieved revenue of 39.241 billion yuan, a year-on-year decline of 2.73%, but a 5.2% increase when excluding COVID-19 commercialization projects [4] - The net profit attributable to shareholders was 9.450 billion yuan, down 1.63% year-on-year, with an adjusted Non-IFRS net profit of 10.58 billion yuan, a decline of 2.5% [4] - The net profit margin reached a historical high of 27.0% [4] - For Q4 2024, the company reported revenue of 11.539 billion yuan, a year-on-year increase of 6.85% and a quarter-on-quarter increase of 10.31% [4] - The backlog of orders as of the end of 2024 was 49.31 billion yuan, a year-on-year increase of 47.0% [4] - The company maintains profit forecasts for 2025-2027, expecting net profits of 11.297 billion yuan, 12.858 billion yuan, and 15.493 billion yuan respectively, with corresponding EPS of 3.91 yuan, 4.45 yuan, and 5.36 yuan [4] Financial Performance Summary - In 2024, the chemical business generated revenue of 29.05 billion yuan, a slight decline of 0.4%, but an 11.2% increase when excluding COVID-19 projects [5] - The TIDES business achieved revenue of 5.8 billion yuan, a significant year-on-year growth of 70.1% [5] - The clinical business reported revenue of 5.67 billion yuan, down 4.8% year-on-year, while the SMO business grew by 15.4% [6] - The company is focusing on building capabilities related to new molecular types, with related business revenue increasing by 18.7% [6] - The financial summary indicates a projected revenue growth of 8.0% in 2025, 15.3% in 2026, and 17.9% in 2027 [8]