Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Views - The company is a global leader in ADC and XDC CRDMO, with a market share of 9.8% globally and ranked second worldwide, benefiting from the technological and capacity advantages of its major shareholders [5][68]. - The ADC market is experiencing rapid growth, with a projected CAGR of 30.7% from 2024 to 2030, driven by the increasing adoption of ADCs in cancer treatment [9][43]. - The company is expected to see significant revenue and profit growth, with a forecasted revenue of HKD 5,470.58 million in 2025, representing a 35% year-on-year increase [8]. Financial Forecast and Investment Recommendations - The company is projected to achieve earnings per share of HKD 1.05, HKD 1.41, and HKD 1.91 for the years 2025, 2026, and 2027 respectively, indicating strong growth potential [6]. - The target price is set at HKD 47.81, based on DCF valuation, reflecting the company's leadership position in the ADC CRDMO sector and its robust project pipeline [6]. Company Overview - The company was established in 2013 and went public in 2023, focusing on the development and manufacturing of ADCs and XDCs [14]. - The core management team has extensive experience in the biopharmaceutical industry, enhancing the company's operational capabilities [18]. Revenue Growth and Profitability - The company has experienced a CAGR of 180% in revenue and 121% in net profit from 2020 to 2023, with a projected revenue growth of 91% and net profit growth of 277% in 2024 [20]. - The gross margin and net margin are expected to improve significantly due to enhanced operational efficiency and increased capacity utilization [23]. Market Dynamics - The ADC market is projected to reach USD 6.47 billion by 2030, with a significant shift towards frontline treatments and combination therapies with immunotherapy [43][48]. - The demand for ADC outsourcing services is expected to grow, with the global ADC outsourcing market projected to exceed USD 11 billion by 2030 [64].
药明合联（02268）：首次覆盖报告：全球ADC/XDC一体化服务龙头，商业化蓄势待发