Investment Rating - The investment rating for WuXi AppTec (02268.HK) is "Outperform the Market" [6][4] Core Views - The company achieved impressive growth in 2024, with a main business revenue of 40.52 billion yuan (+90.8%) and a net profit attributable to shareholders of 10.70 billion yuan (+277.2%) [2][9] - The gross margin for 2024 was 30.6% (+4.3 percentage points), and the net profit margin was 26.4% (+13.3 percentage points), indicating a significant improvement in profitability [2][9] - The company has a strong order backlog of 9.91 billion USD (+71.2%) and has expanded its customer base to 499 clients (+44.5%), including 13 of the top 20 global pharmaceutical companies [2][17] Summary by Sections Financial Performance - In 2024, the company reported a main business revenue of 40.52 billion yuan, a 90.8% increase from the previous year, and a net profit of 10.70 billion yuan, reflecting a 277.2% growth [2][9] - Non-IFRS adjusted net profit reached 11.74 billion yuan, up 184.8% [2][9] - The company’s gross margin improved to 30.6%, and net profit margin increased to 26.4% [2][9] Order and Client Growth - The company’s order backlog reached 9.91 billion USD, marking a 71.2% increase [2][17] - The number of clients grew to 499, with a 44.5% increase, including 13 of the top 20 global pharmaceutical companies contributing 32.0% of revenue [2][17] Technological Advancements - The WuXiDARx™ technology has supported 45 preclinical candidates and 7 clinical projects, enhancing the company's capabilities in ADC and XDC drug services [3][21] - The company has completed 83 IND submissions for ADC and 2 for XDC, with 34 projects in late-stage clinical development [3][21] Capacity Expansion - The company is actively expanding its global production capacity, with new production lines in Wuxi and Shanghai expected to enhance service capabilities in the European and American markets [3][22] - The second production line in Wuxi is set to commence operations in November 2024, and further expansions are planned for 2025 and 2026 [3][22]
药明合联：业绩高增长，全球化战略驱动长期成长-20250512