中郵證券：首次覆蓋藥明合聯予 “買入” 評級
China Post Securities has initiated coverage on WUXI XDC, giving it a "Buy" rating. It is expected that the company's revenue will reach RMB 5.75 billion, RMB 7.83 billion, and RMB 10.17 billion respectively from 2025 to 2027, with annual growth rates of 42%, 36%, and 30%. In the first half of 2025, the company's revenue was RMB 2.7 billion, a year-on-year increase of 62.2%, and net profit was RMB 750 million, a year-on-year increase of 52.7%. The total value of uncompleted orders was USD 1.33 billion, a year-on-year increase of 57.9%
According to the Zhitong Finance APP, China Post Securities has released a research report stating that it has initiated coverage on WUXI XDC (02268) with a "Buy" rating. The report indicates that the company announced its performance for the first half of 2025, with revenue of 2.7 billion RMB, a year-on-year increase of 62.2%, and a net profit of 750 million RMB, a year-on-year increase of 52.7%. As of the end of the first half of the year, the total number of iCMC projects reached 225, with 37 new iCMC projects signed in the first half, setting a historical high. The company has demonstrated highly differentiated target selection and innovative technological pathways, aligning with the rapid development trends in industry innovations such as XDC and dual-antibody ADC; there are 11 PPQ projects, with 3 new ones signed in the first half. As of the end of the first half of the year, the total amount of uncompleted orders was 1.33 billion USD, a year-on-year increase of 57.9%, and the amount of new contracts signed increased by 48.4%, with the growth rate in North America exceeding that of other regions.
The company is a global leader in ADCCXO, possessing a comprehensive R&D technology platform, with a continuously growing customer base and project numbers, and steadily expanding production capacity. It is expected that the company's revenue for the years 2025 to 2027 will be 5.75 billion, 7.83 billion, and 10.17 billion RMB, representing year-on-year growth of 42%, 36%, and 30%, respectively, with net profits of 1.6 billion, 2.26 billion, and 3.02 billion RMB, representing year-on-year growth of 50%, 41%, and 34%
