Investment Rating - The investment rating for WuXi Biologics is maintained as "Buy" [3] Core Views - The company reported a revenue of 18.68 billion yuan for 2024, representing a year-on-year growth of 9.6%, with a gross margin of 41.0%, an increase of 0.9 percentage points [1] - The adjusted net profit for 2024 is 4.78 billion yuan, reflecting a year-on-year increase of 1.8% [1] - The company expects accelerated growth in 2025, with projected revenue growth of 12-15% and a net profit increase of 18% [6] Financial Performance - Total revenue for 2023 was 17.05 billion yuan, with a projected increase to 21.22 billion yuan in 2025, indicating a compound annual growth rate of approximately 14% [2][8] - The net profit for 2023 was 3.4 billion yuan, with an expected rise to 3.973 billion yuan in 2025, showing a recovery trend after a slight decline in 2024 [2][8] - The company’s basic earnings per share (EPS) are projected to grow from 0.80 yuan in 2023 to 0.97 yuan in 2025 [2][9] Business Growth and Market Position - The company added 151 new projects in 2024, exceeding expectations, with over half coming from the U.S. market [6] - The North American region achieved a revenue growth of 32.5% year-on-year, despite geopolitical pressures [6] - The company’s commercial projects are expected to grow significantly, with 24 planned for 2025, up from 16 in the first half of 2024 [6] Valuation Metrics - The price-to-earnings (PE) ratio is projected to decrease from 31.3 in 2023 to 25.9 in 2025, indicating improving valuation as earnings grow [2][9] - The price-to-book (PB) ratio is expected to decline from 2.6 in 2023 to 2.2 in 2025, reflecting a more favorable valuation [2][9] Shareholder Information - The total market capitalization of WuXi Biologics is approximately 110.1 billion HKD, with major shareholder Li Ge holding a 14.28% stake [3]
药明生物（02269）：新增项目数超预期，预计25年加速增长