Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (2268.HK) [4] Core Views - WuXi AppTec reported strong annual performance for 2024, with revenue increasing by 91% year-on-year to 4.052 billion RMB and net profit attributable to shareholders rising by 277% to 1.070 billion RMB [1] - The company is experiencing robust growth in new projects and a diverse development in research projects, with 45 early discovery projects advancing to the iCMC stage and a total of 681 early discovery projects [1][2] - The company has a strong order backlog, with a total of 991 million USD in hand orders at the end of 2024, representing a 71% year-on-year increase [3] Summary by Sections Financial Performance - Revenue for 2024 reached 4.052 billion RMB, with a growth rate of 90.8% [4] - Adjusted net profit for 2024 was 1.174 billion RMB, reflecting a year-on-year increase of 185% [1] - Gross margin improved by 4.3 percentage points to 30.6%, while adjusted net profit margin increased by 7.3 percentage points to 26.4% [1] Business Development - The company signed 53 new comprehensive projects in 2024, including 9 backend production projects [1] - The production capacity at the Wuxi base is operating at high/full load, with a delivery success rate exceeding 99% [2] - The company plans to expand its production capacity significantly, with new lines expected to come online in 2025 and 2027 [2] Market Position - WuXi AppTec serves a growing client base, with 499 cumulative clients, including 13 of the top 20 global pharmaceutical companies [3] - The company anticipates continued growth in inquiries for iCMC stage projects, particularly in the U.S. market, which saw a 43% year-on-year increase in inquiries [3] Future Projections - Revenue projections for 2025, 2026, and 2027 are 5.554 billion RMB, 7.291 billion RMB, and 9.395 billion RMB, respectively, with expected growth rates of 37.1%, 31.3%, and 28.9% [4] - Net profit attributable to shareholders is projected to reach 1.342 billion RMB, 1.870 billion RMB, and 2.448 billion RMB for the same years, with growth rates of 25.4%, 39.4%, and 30.9% [4]
药明合联（02268）：2024年年度业绩点评：业绩表现强劲，订单及全球产能贡献持续增长动能