Group 1 - The core viewpoint of the report is that Jianyin International has raised the revenue forecasts for WuXi AppTec (02268) for 2025 to 2027 by 1%, 2%, and 23% respectively, reaching RMB 5.9 billion, RMB 8.3 billion, and RMB 10.8 billion [1] - The adjusted profit forecast for 2025 has been increased by 3% to RMB 1.6 billion, while the profit forecasts for 2026 and 2027 remain largely unchanged [1] - The target price for WuXi AppTec has been raised from HKD 67 to HKD 72, maintaining an "outperform the market" rating [1] Group 2 - WuXi AppTec's performance for the first half of 2025 met expectations, with a net profit of RMB 746 million, representing a year-on-year increase of 52.7% [1] - After excluding share-based payment expenses, the adjusted net profit grew by 50% year-on-year to RMB 801 million, aligning with the forecast [1] - The mid-term gross margin was 36.1%, in line with the forecast of 36.3%, and improved from 32.1% in the same period of 2024, mainly due to higher utilization rates of existing API and formulation production facilities, as well as accelerated commissioning of new production lines [1] Group 3 - The value of uncompleted orders increased by 58% year-on-year to USD 1.3 billion, with North America accounting for more than half of the total and showing significant growth [1]
建银国际：药明合联中期业绩符预期 升目标价至72港元