药明合联（02268.HK）深度研究报告：蓄势待发，全球领先的XDC CRDMO有望进入商业化收获期

Core Viewpoint - WuXi AppTec is poised to enter a commercial harvest period in the global XDC CRDMO sector, leveraging its end-to-end integrated bioconjugate drug CRDMO service capabilities and industry-leading technology platform [2] Group 1: Company Overview - WuXi AppTec has a strong technical foundation with proprietary technologies such as WuXiDARx™, X-LinC conjugation technology, and WuXiTecan-1 and WuXiTecan-2 payload conjugation platforms, establishing its leadership in the industry [3] - The company employs a strategy of "empower, follow, and win" to enhance early-stage client conversion and continuously attract new clients, resulting in a broad and rapidly growing customer base [3] Group 2: Market Potential - The bioconjugate drug industry is experiencing rapid growth, with ADC drugs expected to reach a sales figure of $66.2 billion by 2030, driven by the emergence of new ADC types such as bispecific ADCs and dual payload ADCs [2] - The outsourcing rate for ADC drug development is projected to remain high at around 60%, with WuXi AppTec expected to capture over 24% of the global ADC outsourcing market by 2025 [2] Group 3: Financial Projections - Revenue projections for WuXi AppTec are estimated at 59.22 billion, 80.11 billion, and 104.61 billion CNY for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 46.1%, 35.3%, and 30.6% respectively [4] - Net profit attributable to the parent company is forecasted to be 14.81 billion, 19.89 billion, and 26.00 billion CNY for the same years, with growth rates of 38.5%, 34.3%, and 30.7% respectively [4]