Core Viewpoint - The report from Credit Lyonnais expresses a long-term positive outlook on WuXi AppTec (02268), reiterating an "Outperform" rating and raising the target price from HKD 47.3 to HKD 70.7 [1] Financial Performance - For the first half of the year, WuXi AppTec reported a revenue growth of 62% and an adjusted net profit growth of 50%, aligning with previous profit forecasts [1] - The company has increased its revenue and net profit forecasts for 2025 to 2027 by 7% to 8% and 13% to 17%, respectively, projecting revenue growth of 45%, 31%, and 27% for those years [1] Market Demand - The strong demand in the U.S. market has driven a 58% year-on-year increase in total unfulfilled orders and a 48% increase in new signed orders during the period [1] - Management has raised the revenue growth guidance for 2025 from 35% to 45%, primarily due to robust demand for Antibody-Drug Conjugates (ADC) outsourcing and a solid order backlog [1]
里昂：升药明合联(02268)目标价至70.7港元 重申“跑赢大市”评级