Ge Long Hui·2025-07-29 08:33Core Insights - Morgan Stanley's research report indicates that WuXi AppTec's revenue and adjusted net profit for the first half of the year increased by 21% and 44% year-on-year, exceeding the bank's expectations by 5% and 15% respectively, with the second quarter showing increases of 20% and 48% [1] - The management has raised the full-year revenue growth guidance to 13% to 17%, suggesting revenue will be between 42.5 billion to 43.5 billion yuan, reflecting confidence in the second half performance and providing a buffer against last year's high base [1] - The TIDES business is expected to be a key driver for the full-year performance, with its revenue in the first half increasing 1.42 times to 5 billion yuan, accounting for over 30% of the chemical business's total revenue and approximately 24% of the company's overall revenue; solid-phase peptide synthesis capacity is anticipated to double by 2025 [1] - Morgan Stanley has set a target price of 92 yuan for WuXi AppTec's A-shares and maintains an "Overweight" rating [1] Related Events - Major banks have issued ratings for WuXi AppTec, with Morgan Stanley stating that the company's first-half performance exceeded expectations and maintaining a target price of 92 yuan and an "Overweight" rating [2] - Bank of America has raised its target price for WuXi AppTec to 115.7 Hong Kong dollars, citing strong growth in new orders during the first half [2]