Investment Rating - The investment rating for WuXi AppTec (2268) is "Buy" [1] Core Views - WuXi AppTec continues to maintain rapid growth, with capital expenditures expected to exceed 7 billion RMB by 2029, reflecting the company's long-term confidence in its development [2] - The company has expanded its project pipeline, signing 37 new comprehensive projects in the first half of 2025, bringing the total to 225 projects, with a significant increase in orders from North America [10] Financial Summary - Total revenue is projected to grow from 2,169 million RMB in 2023 to 10,798 million RMB in 2027, representing a compound annual growth rate (CAGR) of 114.3% in 2023 and 33.9% in 2027 [4] - Net profit is expected to increase from 284 million RMB in 2023 to 3,095 million RMB in 2027, with a notable growth rate of 82.1% in 2023 and 39.2% in 2027 [4] - The company’s PE ratio is projected to decrease from 105.1 in 2023 to 22.0 in 2027, indicating improving valuation as earnings grow [4] Market Data - The current stock price is 57.70 HKD, with a market capitalization of 69,501 million HKD [1][7] - The stock has traded within a range of 18.56 to 62.60 HKD over the past 52 weeks [7] Valuation and Target Price - The estimated EPS for 2025, 2026, and 2027 are 1.30, 1.85, and 2.57 RMB respectively, with a target price of 70.56 HKD per share based on a PE multiple of 50 for 2025 [10]
药明合联（02268）：2025 年半年报点评：H1业绩超预期，长期CAPEX彰显信心