Investment Rating - The investment rating for WuXi AppTec (02268.HK) is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.052 billion yuan in 2024, representing a year-on-year growth of 86.82%, and a net profit of 1.070 billion yuan, with a year-on-year increase of 277.24% [4][8] - The total amount of unfulfilled orders reached 991 million USD, a year-on-year growth of approximately 71.2%, providing assurance for future performance growth [4] - The company is positioned as a leading CRDMO in the global antibody-drug conjugate (ADC) outsourcing service market, prompting an upward revision of profit forecasts for 2025-2027 [4][5] Financial Performance - Revenue and Profit Forecasts: - 2025: Revenue expected to be 5.471 billion yuan, net profit 1.433 billion yuan, EPS 1.2 yuan - 2026: Revenue expected to be 7.340 billion yuan, net profit 1.932 billion yuan, EPS 1.6 yuan - 2027: Revenue expected to be 9.849 billion yuan, net profit 2.781 billion yuan, EPS 2.3 yuan [4][8] - Financial Ratios: - Gross margin is projected to increase from 30.6% in 2024 to 35.5% in 2027 - Net profit margin is expected to rise from 26.4% in 2024 to 28.2% in 2027 [8][10] Operational Highlights - The company has established three operational bases in Wuxi, Changzhou, and Shanghai, enhancing its product development and supply chain system [6] - The Wuxi base has achieved a significant milestone in "one-stop" production for ADC, simplifying the supply chain and significantly shortening production cycles [6] - The Singapore production base is expected to commence operations by the end of 2025, further expanding global capacity [6] Client Engagement - By the end of 2024, the company served a total of 499 clients, including 13 of the top 20 global pharmaceutical companies, which contributed to 32% of total revenue [4][5]
药明合联（02268）：港股公司信息更新报告：在手订单强劲增长，持续赋能全球客户