Core Viewpoint - Daiwa's report indicates that WuXi Biologics (02269) achieved expected performance in the first half of 2025, with strong growth in revenue, gross margin, and backlog orders [1] Group 1: Financial Performance - Revenue, gross margin, and backlog orders all showed robust growth in the first half of 2025 [1] - The gross margin forecast for 2025 to 2027 has been raised by 1.5 to 1.6 percentage points [1] Group 2: Cost Management - Sales and management expense forecasts have been reduced by 7% to reflect the latest trends observed in the first half of 2025 [1] Group 3: Earnings Forecast - Earnings per share forecasts for 2025 to 2027 have been increased by 3% to 10% [1] - The target price has been raised from HKD 30 to HKD 35.5 [1]
大和：升药明生物(02269)目标价至35.5港元 RDM各环节强劲增长