Investment Rating - The report maintains an "Outperform" rating for Wuxi Biologics, with a target price of HK26.80 [2][7]. Core Insights - The company reported a revenue of RMB 18.675 billion for FY 2024, reflecting a year-on-year growth of 9.6%, and a 13% increase when excluding COVID-related contributions. The gross margin was 41.0%, with an adjusted gross margin of 45.4% [3][11]. - The company has achieved a record-high growth in project numbers, adding 151 new integrated projects in 2024, with over half coming from the US. The pipeline includes 66 Phase III clinical and 21 non-COVID commercial production projects, which are expected to drive future revenue growth [4][12]. - The total order backlog as of December 31, 2024, was approximately USD 18.5 billion, with a 5.1% year-on-year growth, indicating strong future revenue potential [13]. - North America accounted for 57.3% of the company's revenue in 2024, showing a significant year-on-year growth of 32.5%. In contrast, revenue from China declined by 9.6% due to unfavorable funding conditions [14]. - The company expects total revenue growth of 12-15% for 2025, with core business growth projected at 17-20%, indicating a strong recovery trajectory [16]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are RMB 214.12 billion, RMB 242.93 billion, and RMB 271.56 billion, respectively, with year-on-year growth rates of 15%, 13%, and 12% [7][17]. - Adjusted net profit estimates for the same period are RMB 51.19 billion, RMB 58.87 billion, and RMB 67.70 billion, with growth rates of 7%, 15%, and 15% [7][17]. - The report assigns a PE multiple of 25 for 2025, reflecting the company's leading position in the biologics CRDMO sector and its competitive advantages across various technical platforms [17].
药明生物（02269）：复苏趋势明显，临床三期和商业化项目持续拓展，25年指引加速增长