> **来源：[研报客](https://pc.yanbaoke.cn)** # WuXi Biologics (2269 HK) Summary ## Core Content WuXi Biologics reported strong financial performance in 2025, with revenue increasing by 16.7% YoY and adjusted attributable net profit rising by 17.9% YoY. The company exceeded revenue and net profit estimates by 1.2% and 9.6%, respectively. Backlog increased by 28.3% YoY to reach $23.7bn, indicating a second consecutive year of accelerated growth. The company also provided guidance for 2026, projecting revenue growth between 13% to 17%, which could be even higher excluding FX fluctuations. ## Main Points ### Revenue Growth - **2025A**: Revenue reached RMB 21,790 million, up 16.7% YoY. - **2026E**: Revenue is forecasted to grow by 14.6% YoY, with a target of RMB 24,974 million. - **2027E**: Revenue is expected to increase by 16.3% YoY to RMB 29,033 million. - **2028E**: Revenue is projected to grow by 15.0% YoY to RMB 33,387 million. ### Adjusted Net Profit - **2025A**: Adjusted net profit reached RMB 5,640 million, up 17.9% YoY. - **2026E**: Adjusted net profit is forecasted to increase by 18.7% YoY to RMB 6,697 million. - **2027E**: Adjusted net profit is expected to grow by 17.4% YoY to RMB 7,859 million. - **2028E**: Adjusted net profit is projected to increase by 13.6% YoY to RMB 8,927 million. ### Earnings Per Share (EPS) - **2025A**: Adjusted EPS was RMB 1.40. - **2026E**: Adjusted EPS is forecasted to reach RMB 1.62. - **2027E**: Adjusted EPS is expected to increase to RMB 1.90. - **2028E**: Adjusted EPS is projected to be RMB 2.16. ### Adjusted P/E Ratio - **2025A**: Adjusted P/E ratio was 21.4. - **2026E**: Adjusted P/E ratio is expected to be 18.5. - **2027E**: Adjusted P/E ratio is projected to reach 15.8. - **2028E**: Adjusted P/E ratio is expected to be 13.9. ### Key Business Drivers - **Bi- & Multi-Specific Antibodies and XDC Business**: These segments continued to be key growth engines. Revenue from bi- & multi-specifics increased by 120% YoY, contributing nearly 20% of total revenue. XDC revenue grew by 46.7% YoY with 70 new projects signed. - **Pre-Clinical Projects**: WuXi Bio added 209 new projects in 2025, representing a 38.4% YoY increase, with 186 being pre-clinical. - **PPQ Projects**: The company completed 28 PPQ projects in 2025 and has 34 scheduled for 2026, indicating robust manufacturing growth potential. - **Capacity Expansion**: WuXi aims to expand manufacturing capacity from 300k liters to 370k liters by 2029. ### Operational Efficiency - **High-Margin Milestone Revenue**: The "R" services generated US $150 million in upfront and milestone payments in 2025, significantly boosting profitability. - **Capacity Utilization**: Improved utilization of existing and newly added capacities is expected to support growth. - **WBS (WuXi Bio Business System)**: Continued efficiency gains from WBS improved gross profit margin (GPM) by 1.5 ppts in 2025 and are expected to maintain margin improvements. ## Key Financial Metrics ### Revenue Growth Rate - **2023A**: 11.6% - **2024A**: 9.6% - **2025A**: 16.7% - **2026E**: 14.6% - **2027E**: 16.3% - **2028E**: 15.0% ### Gross Profit Margin - **2023A**: 40.1% - **2024A**: 41.0% - **2025A**: 46.0% - **2026E**: 45.5% - **2027E**: 46.5% - **2028E**: 46.8% ### Operating Margin - **2023A**: 27.4% - **2024A**: 28.5% - **2025A**: 34.4% - **2026E**: 33.6% - **2027E**: 35.9% - **2028E**: 36.7% ### Adjusted Net Profit Margin - **2023A**: 27.6% - **2024A**: 25.6% - **2025A**: 25.9% - **2026E**: 26.8% - **2027E**: 27.1% - **2028E**: 26.7% ### Return on Equity (ROE) - **2023A**: 9.0% - **2024A**: 8.2% - **2025A**: 11.0% - **2026E**: 9.1% - **2027E**: 12.0% - **2028E**: 12.0% ## Valuation and Investment Outlook ### Target Price - **Previous Target Price (HK$)**: 35.60 - **Current Target Price (HK$)**: 39.00 - **Up/Downside**: 17.7% - **Current Price (HK$)**: 33.14 ### DCF Valuation - **2026E**: Equity value is estimated at HK$ 145,800 million. - **Terminal Value (2035E)**: HK$ 219,507 million. - **Terminal Growth Rate**: 2.00% - **WACC**: 9.32% ### Sensitivity Analysis - The DCF model's valuation is sensitive to changes in WACC and terminal growth rate. - At a WACC of 9.32% and terminal growth rate of 2.00%, the valuation is HK$ 39.00 per share. ## Analyst Ratings - **BUY**: Maintained, with a target price of HK$ 39.00. - **HOLD**: Represents a potential return of +15% to -10%. - **SELL**: Indicates a potential loss of over 10%. - **NOT RATED**: The stock is not rated by CMBIGM. - **OUTPERFORM**: The industry is expected to outperform the relevant broad market benchmark. - **MARKET-PERFORM**: The industry is expected to perform in-line with the relevant broad market benchmark. - **UNDERPERFORM**: The industry is expected to underperform the relevant broad market benchmark. ## Shareholding and Stock Data - **Market Cap (HK$ million)**: 137,118.1 - **Average 3 Months Turnover (HK$ million)**: 1,282.9 - **52-Week High/Low (HK$)**: 42.18 / 17.82 - **Total Issued Shares (million)**: 4,137.5 - **WuXi Biologics Holdings**: 8.7% - **BlackRock**: 5.7% ## Analyst Certification - The analyst certifies that the views expressed in the report reflect their personal views. - The analyst has not traded in the stock covered in the report within 30 days prior to the report's issue and will not trade within 3 business days after the issue. ## Risk and Disclaimer - The report contains general information and is not tailored to individual investors. - Past performance is not indicative of future performance. - CMBIGM is not liable for any loss or damage resulting from reliance on the report. - Investors are encouraged to consult with a professional financial advisor before making investment decisions. ## Conclusion WuXi Biologics has demonstrated strong resilience in its financial performance amid macroeconomic uncertainties. Its focus on high-quality services, operational efficiency, and capacity expansion positions it well for continued growth. The company's guidance for 2026 and the DCF-based target price of HK$ 39.00 suggest a positive outlook for its future performance.