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<Research> HSBC Research Raises WUXI APPTEC (02359.HK) TP to HKD162.5, Maintains Buy
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HSBC Research issued a report stating that WUXI APPTEC (02359.HK) recorded YoY growth of 39.4% and 71.7% in revenue and adjusted net profit from continuing operations in the first quarter, respectively. Revenue from its small molecule CDMO business surged 80.1% YoY, exceeding the broker and market expectations. The company maintained its guidance of 18% to 22% YoY growth in revenue from continuing operations for 2026, leaving room for potential guidance upgrades for the first half of the year. The broker raised its adjusted net profit forecasts for 2026 to 2028 by 5% to 6%, mainly reflecting strong growth in the small molecule CDMO business and gross margin improvement. During the period, the adjusted gross margin of the chemical business (WuXi Chemistry) expanded by 5.4 ppts YoY, benefiting from the Tides segment and foreign exchange hedging. The broker expects revenue and adjusted net profit CAGR of 14.8% and 17.3%, respectively, for 2025 to 2028. HSBC Research maintained its Buy rating on both the H shares and A shares of WUXI APPTEC, raising the TP for the H shares from HKD136.6 to HKD162.5 and the TP for the A shares from RMB131.5 to RMB142. (ec/da) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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