Investment Rating - The investment rating for WuXi Biologics (02269.HK) is "Buy" (maintained) [4][13] Core Insights - In 2025, the company achieved a revenue of 21.79 billion yuan, representing a year-on-year growth of 16.7%. The net profit attributable to shareholders was 4.91 billion yuan, with a year-on-year increase of 46.3%. Adjusted net profit reached 6.59 billion yuan, up 22.0% year-on-year. The gross margin improved to 46.0%, an increase of 5.0 percentage points [4] - The company signed a record 209 new projects in 2025, with two-thirds being dual antibodies and antibody-drug conjugates. The total unfulfilled orders reached 23.72 billion USD by the end of 2025, with 4.53 billion USD expected to be completed within three years [4] - The company is expanding its global capacity, with ongoing construction of facilities in North America and Europe, and has seen steady revenue growth in these regions [6] Financial Summary - Revenue projections for 2026-2028 are 25.48 billion yuan, 30.10 billion yuan, and 35.58 billion yuan, respectively, with corresponding net profits of 5.81 billion yuan, 7.35 billion yuan, and 9.19 billion yuan [8] - The earnings per share (EPS) are forecasted to be 1.4 yuan, 1.8 yuan, and 2.2 yuan for 2026, 2027, and 2028, respectively, with the current stock price corresponding to price-to-earnings (P/E) ratios of 20.7, 16.3, and 13.1 times [4][8] - The company’s gross margin is expected to remain stable at 46.0% in 2026, with a gradual increase to 48.0% by 2028 [8]
药明生物（02269）：港股公司信息更新报告：营收超越指引预期，新签项目历史新高