Core Viewpoint - WuXi Biologics reported a 16% year-on-year increase in sales for the first half of the year, with adjusted net profit growing by 12%, aligning with market expectations [1] Financial Performance - The management raised the full-year revenue growth guidance from 12%-15% to 14%-16%, anticipating accelerated growth in unfulfilled orders to support long-term growth [1] - The revenue forecast for 2025 to 2027 has been increased by 2% to 9%, while net profit forecasts for 2026 to 2027 have been raised by 6% to 12%, reflecting strong mid-term performance and robust order growth [1] Strategic Insights - Beyond development and production, potential royalties and milestone payments are expected to be key drivers of WuXi Biologics' long-term growth [1] - The target price has been adjusted from HKD 28.8 to HKD 34.8, maintaining an "outperform" rating [1]
大行评级｜里昂：上调药明生物目标价至34.8港元 上调收入及净利润预测