Guosen Securities released a research report that Wuxi Bio achieved a revenue of 8.574 billion yuan in the first half of the year (+1.0%, excluding the revenue from the COVID-19 project +7.7%), with a net income of 1.499 billion yuan (-33.9%), and an IFRS-adjusted net income of 2.54 billion yuan (-13.0%). The expense structure remains stable, with a sales expense ratio of 2.6% (+1.4pp), a management expense ratio of 9.0% (+1.0pp), and a financial expense ratio of 0.8% (-0.1pp).
The bank stated that the company's various technology platforms have made significant progress in the first half of 2024. 1) CD3/WuXiBodyTM and WuXiUPTM platforms: Successfully produced the CN201 molecule, which is a potential best-in-class CD3xCD19 antibody. 2) Next-generation production process platform WuXiUITM: Increased protein production by 3-6 times, further improving production efficiency and cost-effectiveness.
The bank stated that the 'Follow and Win with Molecules' strategy is continuing to be implemented with high order backlog maintained. The profit forecast for 2024-2026 is maintained, with an expected net income of 3.823/4.483/5.321 billion yuan (+12.4%/+17.3%/+18.7% YoY growth). The company's global production capacity layout is gradually improving, laying a solid foundation for performance growth, and maintaining a 'outperform market' rating.