WuXi AppTec(603259) 首创证券·2025-03-31 07:39Investment Rating - The investment rating for the company is "Buy" [1][7] Core Views - The company demonstrates strong operational resilience, with rapid growth in its TIDES business segment [2] - The chemical business shows steady revenue growth, while TIDES revenue reached 5.8 billion yuan, reflecting a 70.1% increase [7] - The company has a robust order backlog in the TIDES segment, benefiting from the rapid market uptake of GLP-1 peptide drugs [7] - Revenue from the top 20 global pharmaceutical companies reached 16.64 billion yuan, with a 24.1% year-on-year growth when excluding specific commercial production projects [7] - The company is expected to achieve revenue of 42.88 billion yuan in 2025, with a growth rate of 9.3% [3][7] Financial Summary - For 2024, the company reported revenue of 39.241 billion yuan, a decrease of 2.7%, and a net profit of 9.451 billion yuan, down 1.6% [7] - The projected revenue for 2025 is 42.879 billion yuan, with a net profit forecast of 11.604 billion yuan, indicating a growth of 22.8% [3][7] - The earnings per share (EPS) is expected to rise from 3.27 yuan in 2024 to 4.02 yuan in 2025 [3][7] - The price-to-earnings (PE) ratio is projected to decrease from 20.7 in 2024 to 16.9 in 2025 [3][7] Business Performance - The TIDES business (oligonucleotides and peptides) is experiencing rapid growth, with a revenue increase of 70.1% [7] - The small molecule D&M business is also expected to grow steadily, with a revenue of 17.87 billion yuan in 2024, reflecting a 6.4% increase when excluding specific projects [7] - The company added 25 new commercial and clinical phase III projects in 2024, which are expected to drive future growth [7]