> **来源：[研报客](https://pc.yanbaoke.cn)** # WuXi XDC (2268 HK) Summary ## Core Content WuXi XDC (2268 HK) has demonstrated strong performance in the first half of 2026, with revenue growth of 37.0% YoY under actual exchange rate and 40.6% under constant exchange rate (CER), alongside a 37.4% YoY increase in adjusted net profit. The company's 1H26 revenue and adj. net profit accounted for 45.7% and 49.0% of the full-year forecasts, respectively, indicating solid progress toward annual targets. The acquisition of BioDlink (1875 HK) in March 2026 has added significant strategic capacity, including DS/DP facilities, new customers, and innovative molecules. It has also brought one commercial ADC and two PPQ projects into WuXi XDC's pipeline. The integration of BioDlink is progressing smoothly, with its CDMO revenue increasing by 157.0% YoY in 1H26 compared to a 13% YoY rise in 2025. Both WuXi Bio and WuXi XDC have signed collaboration agreements with BioDlink, channeling substantial manufacturing demand into its facilities. ## Key Highlights - **Capacity Expansion**: WuXi XDC's global capacity build-out, led by Singapore, is on track. In Singapore, BCM3 achieved GMP release in August 2026, DP4 is expected to be operational by the end of August, and BCM4 by the end of 2026 or early 2027. In Wuxi, DP5 and DP6 are planned for GMP release in 1H27 and 1H28, respectively. Jiangyin XPLM2 will be the company's largest payload-linker facility, approximately 5 times the current Wuxi capacity. - **Capex Plan**: Total capex from 2026 to 2030 is targeted at RMB8.0bn. - **Service Backlog**: Service backlog grew by 50.4% YoY to US\$1,998mn, with 51 new iCMC projects signed in 1H26. - **Post-IND Revenue**: Post-IND revenue increased by 36.2% YoY to RMB2,158mn, accounting for 58.3% of total revenue. The number of post-IND projects rose to 162, with PhIII projects increasing to 30 and PPQ projects to 21. - **Revenue and Profit Growth**: WuXi XDC is targeting 4–6 BLA filings in 2026 and 12–15 by 2030. The company aims for commercial and novel XDC revenue to each reach ~20% of total revenue by 2030, supporting its 30-35% CAGR target for 2025–2030. ## Financial Projections | Year | Revenue (RMB mn) | YoY Growth (%) | Adjusted Net Profit (RMB mn) | YoY Growth (%) | Adjusted EPS (RMB) | |------|------------------|----------------|-----------------------------|----------------|-------------------| | 2026E| 8,224 | 38.3 | 2,131 | 36.8 | 1.56 | | 2027E| 10,952 | 33.2 | 2,792 | 31.0 | 2.04 | | 2028E| 14,204 | 29.7 | 3,715 | 33.1 | 2.72 | The company's adjusted net profit margin is projected to increase, with adjusted net profit margins expected to be 25.9%, 25.5%, and 26.2% for 2026E, 2027E, and 2028E, respectively. ## Valuation and Investment Outlook - **Target Price**: HK\$93.00, up from HK\$82.00, reflecting a 33.2% upside from the current price of HK\$69.80. - **DCF Valuation**: The equity value is estimated at HK\$102.469bn, with a terminal growth rate of 2.00% and WACC of 9.67%. - **P/E (Adjusted)**: Expected to decrease from 85.3x in FY25A to 39.0x in 2026E and 22.4x in 2028E. - **CMBIGM Ratings**: The company is rated as **BUY**, with a potential return of over 15% over the next 12 months. ## Risks 1. Uncertainties in the recovery trend of global biotech funding and demand. 2. Uncertainties in the demand trend from global mid- and large-size pharmaceutical companies amid macroeconomic and geopolitical challenges. 3. Potential for slower-than-expected R&D progress, leading to slower revenue growth. 4. Risk of failure to obtain customer contracts due to lack of necessary technologies, human resources, or customer concerns related to geopolitical uncertainties. ## Financial Summary ### Income Statement | Item | 2023A (RMB mn) | 2024A (RMB mn) | 2025A (RMB mn) | 2026E (RMB mn) | 2027E (RMB mn) | 2028E (RMB mn) | |-------------------------|----------------|----------------|----------------|----------------|----------------|----------------| | Revenue | 2,124 | 4,052 | 5,944 | 8,224 | 10,952 | 14,204 | | Adjusted Net Profit | 415 | 917 | 1,559 | 2,131 | 2,792 | 3,715 | ### Balance Sheet | Item | 2023A (RMB mn) | 2024A (RMB mn) | 2025A (RMB mn) | 2026E (RMB mn) | 2027E (RMB mn) | 2028E (RMB mn) | |-------------------------|----------------|----------------|----------------|----------------|----------------|----------------| | Total Assets | 6,735 | 9,124 | 14,435 | 16,795 | 20,834 | 25,928 | | Total Liabilities | 1,281 | 2,485 | 3,710 | 4,423 | 5,508 | 6,705 | | Total Equity | 5,454 | 6,639 | 10,725 | 12,093 | 15,053 | 18,956 | ### Cash Flow | Item | 2023A (RMB mn) | 2024A (RMB mn) | 2025A (RMB mn) | 2026E (RMB mn) | 2027E (RMB mn) | 2028E (RMB mn) | |-------------------------|----------------|----------------|----------------|----------------|----------------|----------------| | Net Cash from Operations| 333 | 717 | 1,783 | 1,954 | 2,980 | 3,946 | | Net Cash from Investing | -91 | -3,330 | -5,048 | -2,451 | -1,829 | -1,316 | | Net Cash from Financing | 3,522 | 475 | 2,856 | -348 | 336 | 340 | ### Profitability | Metric | 2023A (%) | 2024A (%) | 2025A (%) | 2026E (%) | 2027E (%) | 2028E (%) | |-------------------------|-----------|-----------|-----------|-----------|-----------|-----------| | Gross Margin | 26.3 | 30.6 | 36.0 | 36.5 | 37.0 | 37.8 | | Operating Margin | 20.5 | 28.4 | 32.2 | 30.4 | 29.8 | 30.3 | | Adjusted Net Profit Margin| 19.6 | 22.6 | 26.2 | 25.9 | 25.5 | 26.2 | | ROE | 8.2 | 17.7 | 17.1 | 16.5 | 20.2 | 21.4 | ### Liquidity and Activities | Metric | 2023A | 2024A | 2025A | 2026E | 2027E | 2028E | |-------------------------|-------|-------|-------|-------|-------|-------| | Net Debt to Equity (x) | -0.7 | -0.5 | -0.6 | -0.4 | -0.4 | -0.5 | | Current Ratio (x) | 4.1 | 2.5 | 2.7 | 2.4 | 2.5 | 2.8 | | Receivable Turnover Days | 125.6 | 124.2 | 120.9 | 117.9 | 114.9 | 111.9 | | Inventory Turnover Days | 12.8 | 10.7 | 14.0 | 14.0 | 14.0 | 14.0 | | Payable Turnover Days | 197.0 | 150.8 | 159.8 | 159.8 | 159.8 | 159.8 | ### Valuation | Metric | 2023A | 2024A | 2025A | 2026E | 2027E | 2028E | |--------------------|-------|-------|-------|-------|-------|-------| | P/E (Adjusted) | 157.6 | 85.3 | 51.7 | 39.0 | 29.8 | 22.4 | | P/B | 11.2 | 10.8 | 6.8 | 6.3 | 5.0 | 4.0 | | P/CFPS | 184.1 | 100.1 | 40.8 | 38.8 | 25.5 | 19.2 | ## Analyst Certification The analyst certifies that all views expressed accurately reflect their personal views, and that their compensation is not related to the specific views in this report. They also confirm that they have not traded in the stock within 30 days prior to the report and will not trade within 3 business days after the report is issued. ## Disclosures CMBIGM provides the information on an "AS IS" basis and does not guarantee its accuracy or completeness. The report is not tailored to individual investors and may not be reproduced without prior written consent. CMBIGM may have investment banking relationships with the companies mentioned and may have conflicts of interest that could affect the report's objectivity.