机构：国泰海通证券 研究员：余文心/周航/陈铭/吴晗 风险提示：全球生物医药研发景气度风险；行业竞争加剧风险；全球宏观地缘风险；产能建设不达预期 风险；产能爬坡不达预期风险。 我们预计公司25/26/27 年EPS 分别为1.11/1.28/1.49 元。我们采用PE 估值方法，考虑到公司上调业绩指 引、CRDMO 模式稀缺，我们给予公司2025 年PE 倍数40 倍，目标价每股48.18 港元，维持"增持"评 级。 分子漏斗项目数不断扩大，在手订单充足保障未来增长。2025 上半年新增86 个项目为1H 历史新高，其 中超过一半新签项目来自美国，双抗、多抗、抗体偶联药物占新签项目比例超过70%。截至25H1，公 司864 个项目中包含67 个临床三期和24 个商业化生产项目，为未来商业化生产收入持续增长奠定坚实 基础。截至25H1，公司未完成订单总额达203 亿美元，未完成服务订单约114亿美元。临床三期项目推 进、商业化生产项目爬坡和早期项目的临床进展共同促进未完成服务订单增长，三年内未完成订单约42 亿美元，巩固近期收入增长预期。 M 端收入保持较快增长，北美地区收入增速展现韧性。临床前收入今年上半年同 ...

Core Insights - The company, WuXi Biologics, reported a revenue of 9.95 billion RMB for the first half of 2025, representing a year-on-year growth of 16.1%, with net profit increasing by 54.8% to 2.76 billion RMB [1] - Key drivers for revenue growth include the successful execution of the "Follow and Win" strategy, expansion of service offerings in the biopharmaceutical industry, and improved utilization of existing and new capacities [1][2] - The company added 86 integrated development projects in the first half of 2025, solidifying its position as a leader in complex biologics with a product line that includes 168 bispecific/multispecific antibodies and 225 antibody-drug conjugates (ADCs) [1][2] Revenue Growth and Project Development - Preclinical revenue increased by 35.2% year-on-year, driven by the development and transition of R&D service projects [2] - The company supports 67 Phase III clinical projects and 24 commercial production projects, with a 24.9% increase in revenue from these areas, reflecting the maturation of early projects [3] - The total unfulfilled order backlog reached 20.34 billion USD, with unfulfilled service orders and potential milestone payments amounting to 11.35 billion USD and 9 billion USD, respectively [4] Strategic Initiatives - The company is advancing its "Global Dual Factory" strategy to enhance capacity and capabilities in response to growing commercialization demands [3] - Recent strategic transactions include the asset transfer of a vaccine facility in Ireland and a biomanufacturing plant in Germany, aimed at optimizing global operations and focusing on large-scale biomanufacturing in Singapore [3] - The company has empowered over 50 molecular projects and is set to receive potential milestone payments and sales royalties, contributing to long-term profit growth [2]