Investment Rating - The report maintains a "Buy" rating for WuXi Biologics, reflecting a positive outlook based on demand recovery and growth potential [4][28]. Core Insights - WuXi Biologics achieved a record addition of 151 new projects in 2024, with over half coming from the United States, indicating strong global competitiveness and client trust [2][3]. - The company expects revenue and adjusted profit (excluding minority interests) to grow by 5%-10% in 2024, with accelerated growth anticipated in 2025 [1][4]. - The unique CRDMO business model continues to drive significant milestone revenue, with $140 million in recent payments expected from seven global projects [3][4]. - The company is expanding its global manufacturing network, with a focus on achieving breakeven at its Ireland site in 2025 and increasing drug substance capacity in the U.S. [3][4]. Financial Summary - Revenue is projected to grow from RMB 18,236 million in FY24E to RMB 20,687 million in FY25E, representing a 13.4% increase [5][12]. - Adjusted net profit is expected to rise from RMB 4,739 million in FY24E to RMB 5,358 million in FY25E, reflecting a 13.0% growth [5][12]. - The adjusted earnings per share (EPS) is forecasted to increase from RMB 1.15 in FY24E to RMB 1.30 in FY25E [5][12]. Target Price Adjustment - The target price has been raised from HKD 22.88 to HKD 24.24 based on a discounted cash flow (DCF) model, with a weighted average cost of capital (WACC) of 9.64% and a terminal growth rate of 2.0% [4][6].
药明生物：有希望的需求预示着 2025 年