WuXi AppTec(603259) 海通证券·2025-03-20 06:15Investment Rating - The investment rating for WuXi AppTec (603259) is "Outperform the Market" and is maintained [2][13]. Core Insights - In 2024, WuXi AppTec reported a revenue of 39.24 billion yuan, a year-on-year decrease of 2.7%. Excluding COVID-19 commercialization projects, revenue increased by 5.2%. The net profit attributable to shareholders was 9.45 billion yuan, down 1.6% year-on-year, while the adjusted net profit was 10.58 billion yuan, a decrease of 2.5% year-on-year, with an adjusted net profit margin of 27.0%, reaching a historical high [6][13]. - The fourth quarter of 2024 saw a revenue of 11.54 billion yuan, a year-on-year increase of 6.9%, and an adjusted net profit of 3.24 billion yuan, up 20.4% year-on-year [6][13]. Business Segment Performance Chemical Business - Revenue reached 29.05 billion yuan, with an 11.2% year-on-year increase when excluding specific commercialization projects. The small molecule D&M business generated 17.87 billion yuan, with a 6.4% year-on-year increase [6][10]. - The TIDES business (oligonucleotides and peptides) experienced rapid growth, with revenue of 5.80 billion yuan, a 70.1% increase year-on-year, and a backlog of orders growing by 103.9% [6][10]. Testing Business - Revenue was 5.67 billion yuan, down 4.8%. Laboratory analysis and testing services generated 3.86 billion yuan, reflecting an 8.0% year-on-year decline [7][10]. Biological Business - Revenue was 2.54 billion yuan, remaining stable year-on-year. Non-tumor business revenue grew by 29.9% [10][11]. Financial Data and Forecast - For 2024, the total revenue is projected at 39.24 billion yuan, with a forecasted increase to 43.58 billion yuan in 2025, representing an 11.1% year-on-year growth [8][11]. - The net profit for 2024 is expected to be 9.45 billion yuan, increasing to 11.27 billion yuan in 2025, reflecting a 19.2% year-on-year growth [8][11]. Customer and Order Growth - By the end of 2024, the company had approximately 6,000 active customers, with a backlog of orders amounting to 49.31 billion yuan, a 47.0% year-on-year increase [13].