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Investor Notes - Phillip Securities (HK) Ltd
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30 Jul, 2019 (Tuesday)



WUXI APPTEC(2359)
Analysis¡G
It is Asia`s largest pharmaceutical R&D service platform based on 2017 revenue, accounting for 1.1% of the global pharmaceutical R&D outsourcing service market. The market share is 8.3% in China. Focusing on the discovery, development and manufacturing of small molecule drugs. It also provides research and development and manufacturing services for cell and gene therapies, accounting for 8.1% and 18.2% of the global and US cell and gene therapy CMO/CDMO market share, respectively. It ranked fourth and second respectively. In 2018, revenue increased by 23.8% year-on-year to RMB 9.613 billion (the same below), and net profit increased by 84.22% year-on-year to RMB 2.26 billion. The global pharmaceutical market grew at a CAGR of 4.9% from 2013 to 3017 and is expected to grow at a CAGR of 5.7% by 2022. China is the second largest pharmaceutical market in the world. It is expected that the policy will continue to encourage the development of innovative patented drugs in the next five years. It is expected that the generic and patented drugs will grow at a CAGR of 8% by 2022. The cell and gene therapy CMO/CDMO grew at a CAGR of 23.2% from 2013 to 2017 and is expected to grow at a CAGR of 24.2% by 2022.
Strategy¡G
Buy-in Price: $73.65, Target Price: $80.00, Cut Loss Price: $65.00


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