Investment Rating - The report maintains a "Buy" rating for WuXi AppTec [2][3] Core Views - WuXi AppTec has significantly increased its raw material procurement agreement limits for 2024 and 2025, reflecting strong demand and order growth in the ADC industry, with a projected revenue growth of 50.7% in 2024 [2] - The company is expanding its production capacity with the establishment of a new integrated CRDMO center in Singapore, expected to be operational by 2026, to support global clients in ADC and XDC projects [2] - The financial forecasts indicate robust growth, with expected revenues of 32.00 billion, 47.03 billion, and 67.26 billion RMB for 2024, 2025, and 2026 respectively, alongside net profits of 5.62 billion, 9.10 billion, and 13.71 billion RMB [2][3] Financial Forecasts and Indicators - Revenue for 2023 was 2.124 billion RMB, with a growth rate of 114.4%, and is projected to reach 3.200 billion RMB in 2024, 4.703 billion RMB in 2025, and 6.726 billion RMB in 2026 [3][11] - Net profit for 2023 was 284 million RMB, with a growth rate of 82.1%, expected to increase to 562 million RMB in 2024, 910 million RMB in 2025, and 1.371 billion RMB in 2026 [3][11] - The report projects an EPS of 0.24 RMB for 2023, increasing to 0.47 RMB in 2024, 0.76 RMB in 2025, and 1.15 RMB in 2026, with corresponding P/E ratios of 86, 43, 27, and 18 [3][11]
事件点评：大幅提升原材料采购协议上限，需求、订单持续高增长