ADC赛道风头正盛，公司一站式服务高速发展

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The ADC (Antibody-Drug Conjugates) market is experiencing rapid growth, driven by high demand for research and development, which is expected to provide significant growth momentum for ADC-related CXO companies [4][5]. - The company has established itself as a leading integrated ADC CRDMO (Contract Research, Development, and Manufacturing Organization) provider, with a comprehensive service capability and a strong market position [23][24]. - The company has a robust project pipeline and client base, with significant growth in ongoing projects and client numbers, indicating strong operational performance [26][27]. Summary by Sections 1. Company Overview - The company, established in December 2020, has a long history in the ADC field, having started ADC projects in 2013. It provides a full range of services including discovery, process development, and GMP manufacturing for bioconjugates [12][15]. 2. ADC Industry Potential - The ADC market is characterized by high specificity and efficacy, with a projected growth in outsourcing rates, expected to reach 70% by the end of 2022. The global ADC outsourcing service market was valued at $1.5 billion in 2022, with a CAGR of 34.5% from 2018 to 2022 [4][20]. 3. Leading Integrated ADC CRDMO Provider - The company is the only global CDMO that offers comprehensive capabilities across the entire ADC discovery, development, and manufacturing process, positioning it strongly in the market [23][24]. - The company has seen a significant increase in the number of ongoing projects and clients, with 143 ongoing projects and a client base growing from 265 in 2022 to 345 in 2023 [26]. 4. Financial Analysis - The company has demonstrated rapid revenue growth, achieving revenues of 1.4 billion, 3.2 billion, 10.1 billion, and 21.7 billion yuan from 2020 to 2023, with year-on-year growth rates of 132.4%, 216.2%, and 114.3% [33]. - The projected revenues for 2024-2026 are 31.3 billion, 45.6 billion, and 62.3 billion yuan, with corresponding net profits of 5.73 billion, 9.15 billion, and 13.03 billion yuan [39]. 5. Earnings Forecast and Investment Recommendations - The company is expected to maintain strong growth in both pre-IND and post-IND services, with average project revenues projected to increase significantly over the next few years [35][37]. - The report concludes with a recommendation to "Accumulate," reflecting confidence in the company's growth trajectory and market position [39].