药明康德_A 股和 H 股均给予 “买入” 评级_2025 年及以后增长的能见度提高

20 March 2025 Equity Research Report WuXi AppTec (603259 CH/ 2359 HK) A/H: Buy/Buy – China Improved growth visibility for 2025 and beyond Solid 2024 results, accelerated backlog growth and visible 2025 growth guidance. WuXi AppTec reported 2024 revenue of RMB39.2bn, down 2.7% y-o-y (up 5.2% excluding COVID-19 revenue), and adjusted non-IFRS net profit of RMB10.6bn, down 2.5% y-o-y. On the other hand, 4Q24 revenue and adjusted non-IFRS NP grew 6.9% and 20.4%, respectively, and WuXi AppTec guided to 10-15% re ...