Investment Rating - The investment rating for WuXi Biologics (02269.HK) is "Buy" (maintained) [2][5][12] Core Views - Non-COVID business shows robust growth, with total revenue for 2023 reaching 17.051 billion yuan, a year-on-year increase of 11.5%. Non-COVID projects generated revenue of 16.506 billion yuan, up 37.7% year-on-year [5][6] - The company has a strong order backlog, with total unfulfilled orders increasing to 20.592 billion USD by the end of 2023, providing a solid foundation for future revenue growth [5][6] - The company is accelerating its global capacity expansion, with significant growth in its European operations, which have become the fastest-growing market for the company [7] Financial Summary - Revenue for 2023 was 17.051 billion yuan, with a net profit of 3.400 billion yuan, reflecting a year-on-year decline of 23.1%. Adjusted net profit was 4.699 billion yuan, down 4.6% [5][8] - The projected net profits for 2024-2026 are 4.047 billion yuan, 5.047 billion yuan, and 6.257 billion yuan respectively, with corresponding EPS of 0.95, 1.19, and 1.47 yuan [5][8] - The company’s P/E ratios for 2024-2026 are projected to be 13.8, 11.1, and 9.0 times respectively, indicating a favorable valuation compared to its peers [5][8] Project and Market Development - As of the end of 2023, the company had a total of 698 projects, an increase of 18.7% year-on-year, with significant contributions from late-stage clinical and commercialization projects [6][7] - The company is building a CRDMO service center in Singapore with a designed capacity of approximately 120,000 liters, and its Irish facility is expected to reach breakeven in 2024 [7]
港股公司信息更新报告：非新冠业务稳健增长，全球产能布局持续推进