Investment Rating - The report maintains a "Buy" rating for WuXi Biologics (2269.HK) with a market price of HKD 13.36 [2]. Core Insights - WuXi Biologics continues to experience rapid growth in non-COVID-related business, with expectations for gradual industry recovery [6]. - The company reported a revenue of HKD 17.05 billion in 2023, representing a year-on-year growth of 11.5%, while net profit decreased by 23.1% to HKD 3.40 billion [6][7]. - Excluding COVID-19 impacts, revenue growth was nearly 40%, with non-COVID revenue reaching approximately HKD 16.51 billion, a 37.7% increase [6][7]. - The company has a robust project pipeline, with 698 total projects, including 51 in Phase III and 24 commercial projects, indicating strong future growth potential [6][7]. Financial Performance Summary - Revenue Forecasts: Projected revenues for 2024, 2025, and 2026 are HKD 17.98 billion, HKD 20.75 billion, and HKD 24.52 billion, respectively, with growth rates of 5.6%, 15.4%, and 18.2% [3][6]. - Net Profit Forecasts: Expected net profits for the same years are HKD 3.52 billion, HKD 4.30 billion, and HKD 5.30 billion, with growth rates of 3.6%, 21.9%, and 23.3% [3][6]. - Key Financial Ratios: The company’s P/E ratio is projected to decrease from 15.2 in 2023 to 9.7 by 2026, indicating improved valuation attractiveness [3][6]. Business Model and Growth Drivers - The CRDMO business model is expected to continue delivering results, with a significant increase in CMO projects anticipated [6]. - The XDC platform, vaccine projects, and dual antibody platforms are expected to contribute to new growth momentum, with 143 ADC projects and 25 vaccine projects currently in progress [6][7]. - The company has a strong order backlog, with an expected total order value of USD 3.85 billion over the next three years [6][7].
非新冠业务持续快速增长，静待行业逐步恢复