Core Viewpoint - The report from Citi maintains 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, reflecting an optimistic growth forecast for the company [1] Financial Performance - WuXi AppTec's revenue and adjusted net profit for the first half of the year increased by 62% and 50% year-on-year, respectively, aligning with previous profit forecasts [1] - The total unfulfilled orders and new signed orders grew by 58% and 48% year-on-year, driven by strong demand in the U.S. market [1] Future Guidance - 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] - Revenue forecasts for 2025 to 2027 have been adjusted upwards by 7% to 8% and net profit forecasts by 13% to 17%, with projected revenue growth of 45%, 31%, and 27% for those years, respectively [1]
里昂：升药明合联目标价至70.7港元 重申“跑赢大市”评级