Guolian Securities·2024-03-19 16:00Investment Rating - The investment rating for WuXi AppTec (药明康德) is to maintain attention on the stock due to its leading technology and comprehensive integrated business layout [5][7]. Core Views - WuXi AppTec reported a revenue of 40.341 billion yuan in 2023, a year-on-year increase of 2.51%, and a net profit attributable to shareholders of 9.607 billion yuan, up 9.00% year-on-year [2]. - The company is advancing its global capacity construction and new business layout, with significant growth in its TIDES business, which achieved a revenue of 3.4 billion yuan, a 64% increase year-on-year [4]. - The integrated service platform is expected to drive continuous growth across various business segments, with notable performance in chemical and testing services [3]. Financial Summary - In 2023, the company achieved a revenue of 40.341 billion yuan, with a net profit of 9.607 billion yuan, and an EPS of 3.28 yuan [6]. - Revenue projections for 2024-2026 are 40.421 billion yuan, 45.693 billion yuan, and 52.316 billion yuan, with corresponding growth rates of 0.20%, 13.04%, and 14.50% [5]. - The company’s P/E ratio is projected to decrease from 15.5 in 2023 to 11.4 in 2026, indicating potential valuation improvement [6].