Investment Rating - The report maintains a "Buy" rating for WuXi Biologics (2269.HK) [2] Core Views - WuXi Biologics achieved a revenue of 17.03 billion RMB in 2023, representing a year-on-year growth of 11.6%, with non-COVID project revenue growing by 37.7%. However, the net profit attributable to shareholders decreased by 23.1% to 3.4 billion RMB, while adjusted net profit fell by 4.6% to 4.7 billion RMB [1][2] - The company signed a record 132 new projects in 2023, with a total pipeline of 698 projects, marking an 18.7% increase year-on-year. Revenue from late-stage clinical and commercialization grew steadily, with significant contributions from non-COVID projects [1] - The company is expanding its global production capacity, with capital expenditures of 4.1 billion RMB in 2023, expected to rise to 5 billion RMB in 2024. New facilities in Singapore, Ireland, Germany, and the USA are set to enhance production capabilities [1] - As of the end of 2023, the company had an order backlog of 20.59 billion USD, with unfulfilled orders growing to 3.85 billion USD, supporting revenue growth expectations [1] - The company forecasts a revenue growth of 5%-10% for 2024, with non-COVID revenue growth projected at 8%-14% [1] Summary by Sections Financial Performance - In 2023, WuXi Biologics reported total revenue of 17,034 million RMB, with a growth rate of 11.6%. The projected revenue for 2024 is 18,355 million RMB, with a growth rate of 7.8% [2] - The net profit for 2023 was 3,400 million RMB, down 23.1%, with an expected recovery to 3,813 million RMB in 2024, reflecting a growth rate of 12.2% [2] - Earnings per share (EPS) for 2023 was 0.80 RMB, projected to increase to 0.90 RMB in 2024 [2] Project and Capacity Expansion - The company has initiated construction of a CRDMO base in Singapore, with a planned capacity of 120,000 liters, and is expanding facilities in Ireland, Germany, and the USA to meet growing demand [1] - The rapid ramp-up of production capacity is expected to support the company's long-term growth strategy [1] Market Outlook - The report indicates a positive outlook for the biotechnology investment landscape, with signs of recovery in project signings and a robust pipeline of late-stage projects [1] - The anticipated contributions from commercialization projects are expected to provide significant revenue in the coming years [1]
2023年年报点评：全球新产能陆续投产，非新冠业绩实现稳健增长